Don’t let its ticker symbol fool you. Vidable (OTC: VIBE) already lost its vibe even after being touted in newsletters yesterday as one of the three biggest penny stocks to watch. It dropped by more than 52% despite the announcement yesterday that the company planned to allow third parties to sell Vidable’s digital services for a monthly fee.
After closing at $0.02 yesterday, Vidable’s stock price tanked to less than a penny, at $0.0098, declining by $0.0107. The company’s stock price was at its 52-week high from July 22 to 27, 2011, nearly a year ago, after staying steady at $2.00 for several days. On July 28, 2011, the stock suddenly dipped to $0.18, rose back up to $0.60 on October 6, 2011, but never regained the momentum it had last July.
At least the trading volume rocketed to a high level. Posting numbers at 54 times above average, more than 37 million shares of Vidable were traded today. Yesterday’s volume was at more than 29.2 million shares. No other trading day this year has even come close. On the May 17, 2012, the volume reached nearly 5.5 million shares. Every other day of the year it has posted five- or six-digit figures.
Vidable is a digital media company based in Carson City, Nevada. The company focuses on video classified ads and creates interactive video platforms, allowing consumers to interact with businesses through their computer. The company has created video platforms for vendors all throughout North America. It offers various channels based on location, including dining, travel, entertainment, sports, education, legal services, automobiles, electronics, games, jobs and real estate. These portals offer videos from various businesses. Consumers can post videos on the website as well.
Touted as a combination of FaceBook (FB) and Amazon (AMZN), Vidable has proven successful in its niche market. On March 26, 2012, Vidable announced that it increased its video content to 8,147 channels, a 711% increase from last year. Just days earlier, on March 21, 2012, the company announced plans to add a coupon generator on the website. The website would allow businesses to create coupons that could be downloaded and printed from the website in just minutes. The coupons can be generated on demand, allowing businesses to customize their offerings at any time.
Vidable’s stock has been heavily promoted since late last year. It has consistently made the list of the top three stocks to watch. Hopefully VIBE will find its vibe again soon.