Nothing draws a crowd like offering sweet treats and beverages without the guilt of sugar. The latest news from Stevia First (OTC: STVF) apparently kicked buyer’s taste buds into overdrive. Shares of the company finished the last trading day before the Labor Day holiday weekend with a gain of 75%.
Two days ago, the company announced it had entered in to an exclusive worldwide intellectual property licensing agreement with Vineland Research and Innovation Centre. Stevia First produces stevia extract from the stevia plant. The extract is an all natural, zero-calorie sweetener. The licensing agreement gives Stevia First the rights to fermentation technology that reduces the cost of producing the extract.
The news helped to end a recent drought of buying interest in the stock. Share prices began to percolate on Wednesday after the news release when the stock registered a seven-cent gain from $0.28 to $0.35. Shares added another nickel to close at $0.40 yesterday. Buyers wasted no time this morning to eat up shares for sale. On the opening bell, the stock gapped up four cents and barely looked back the rest of the day. After 90 minutes had elapsed in the trading session, shares were trading above $0.60. Buyer’s continued to stand on the gas for most of the day as shares traded at an intraday high of $0.75 with a little over an hour to go until the long weekend. In the final 60 minutes, the stock retreated a bit to close with a gain of 30 cents to finish at $0.70. Volume also bubbled along with the price action. The 1.3 million shares traded on the day dwarfed the stock’s average daily volume of 98,000.
Shares of Stevia First started to actively trade at the beginning of March. By the time April rolled around, the stock had climbed from $0.73 to $3.28. Enthusiasm for shares quickly dissipated through the remainder of the spring and the stock fell to under $0.50. Share prices finally bottomed out a week ago when the stock traded for $0.23. Considering the number of shares traded plus the stock finishing near the high for the day, traders must decide whether the action today established a new positive trend or marked the end of a dead cat bounce.
A check of newsletters on Stockreads.com shows little activity since March, when the stock gained over 350% during the month.
Penny Trader Publisher put out an alert on Wednesday that said, “Up 11.11% in morning trading to $.30 with 100K shares traded.”
The promoter did not list receiving any compensation for their comments. A total of 59 promotions for Chimera Energy can be viewed on Stockpromoters.com.
Stevia First focuses on cultivating and harvesting the stevia leaf used in the production of stevia extract. The company is based in Yuba City, California, and was founded in 2007.
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