Speedemissions (OTC: SPMI), a company that focuses on vehicle emissions and safety testing services, saw its stock increase by 155% in record time. The reason the company saw such an increase in stock activity today is unknown. Stock promotions may have played a role, since the company has released no news since last month when it announced plans to launch a franchise business unit. Speedemissions signed an agreement with Franchise Doctor to franchise its business model in various markets through the United States. This move aligns with the company’s plan to expand its retail presence. The company also has plans to establish a new company, SPMI Car Centers, which will franchise its vehicle emission and safety inspection store model.
Speedemissions, headquartered in Tyrone, Georgia, operates 38 vehicle emission/safety inspection stations throughout the United States, with locations in Atlanta, Houston, Salt Lake City and St. Louis. It conducts these tests for cars, pickup trucks, vans and sport utility vehicles. The company has a huge market, as the Environmental Protection Agency (EPA) mandates that 32 states and the District of Columbia meet clean air standards by conducting vehicle emission tests.
After closing at $0.009 last night, the stock price opened at the same price this morning. The company’s stock went as high as $0.0384 before closing at $0.023, its 52-week high. The stock gained $0.014, or 155.6%, over yesterday. The previous high was the $0.0149 attained on June 11, 2012. The stock has been as low as $0.0030, and remained level at that price for several weeks back in late December 2011 and early January 2012. Before today’s activity, Speedemissions’ stock was level at $0.0090 for almost two weeks.
Volume also saw some enormous gains today. Compared to an average daily volume of just under 16,000 shares, volume exceeded 17.2 million shares today. Volume exceeded the one-million mark just two other days in the past 52 weeks, once in October 2011 and the other in November 2011. There have been numerous days where activity was nonexistent, so today’s trading activity was definitely a huge change.
Touted as the top penny stock of the day, Speedemissions has been a consistent gainer in the past several months. Compared to late April 2012 to early June 2012, when the stock stayed level at $0.0060, the stock has gained 300% since then. With the company expanding and hoping to increase exposure of its business model, it is likely that the stock will continue to see more gains and exposure as well. Today was a busy but exciting day for this stock. How long will its bullish activity last?