Despite Membership Growth, Luxeyard Continues to Slip Down the Charts (LUXR)

Luxeyard (OTC: LUXR), a members-only site for purchasing luxury fashion, home furnishings and art, experienced anther decline today, dropping nearly $0.03, or 8.6%. After closing at $0.339 last night, it opened this morning at $0.34. After fluctuating between $0.27 and $0.35, the stock price settled at $0.31.

After peaking in May 2012 at a record-high $2.16, the company saw a few sharp rises and falls before dropping down to its current price of $0.31. The stock has been declining since July 10, 2012, after closing at $0.3550 that day.

Volume was at 886,351, down from its daily average of 1.35 million shares traded. However, today it reached its highest point since June 29, 2012. Volume reached its peak on April 24, 2012, with more than 4.3 million shares traded. It has experienced about a dozen other days this year in which the volume exceeded two million shares.

Luxeyard is online luxury retailer based in Los Angeles, California.  The company offers luxury brands at the lowest prices. The company has partnered with top luxury brands to bring members new items daily. Membership is free and comes with many benefits, such as private sales, excellent customer service and low shipping rates. Members also have input to determine what products the company should sell on its website. The company also employs celebrity trendsetters, who provide style tips and fashion recommendations for Luxeyard members.

Luxeyard is rapidly growing, and in fact is considered the fastest-growing flash sales website. As of April, the website had 600,000 members and expected more than one million members in the second quarter 2012. The company itself is also growing, with several new acquisitions in the past few months. In March, the company acquired online luxury retailer eOpulence to create the company’s LuxeStyle division. Then in April, Luxeyard teamed up with buyinvite.com, an Australian members-only shopping website. In May, the company added artwork for members to purchase on its website. Also in May, the company acquired LeatherGroups.com, which offers luxury furniture at bargain prices. Because of the company’s continued growth, the company created an acquisitions team to focus on new business.

Luxeyard was the hot penny stock throughout May 2012 and a couple days in June 2012, when the company’s stock spiked. The company’s stock hit a record high during that time and was heavily promoted. The company’s buzz seems to have quieted down a bit since then. Has Luxeyard already seen its best days? Or will the spark and sizzle the company saw in May return in the near future? Time will tell.

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Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.

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