Virtual Piggy (OTC: VPIG) declined a steep 5.4% today and over 11% since the elongated Memorial Day weekend.
Virtual Piggy opened today’s over the counter trading at a share price of $2.05, and within a few hours of trading it plummeted below $1.90. While the price appeared to be recovering later, the opposite proved true as it yet again fell to close at a dismal share price of $1.92 by the 4pm regular market close. Although over-the-counter trading is not typically affected by macro concerns, domestic stocks lost today as investors responded to the uncertainty that continues to swirl over Europe and the declining value of the euro.
Despite its share price drop today, Virtual Piggy’s stock has been producing an attractive chart at the over-the-counter market this year, especially since March 15, 2012 when shares priced at $0.55. On May 22, 2012, Virtual Piggy hit a share price of $2.47, which has been its highest performance year-to-date. Available statistics show that Virtual Piggy’s stock value has gained a respectable 220% since January 3, 2012. Today’s decline was a hard hit to the company’s stock, but is not an indication of its overall performance this year.
Virtual Piggy is a youth development organization that was founded in 2008. Initially, the firm was known as Moggle, Inc., but later the name was changed to Virtual Piggy. The company focuses on developing executive plans for the healthy development of children under 18. Virtual Piggy provides an online service that allows parents to keep an eye on their children’s spending and direct the way they shop online. Virtual Piggy sends an alert to parents when a child makes an online purchase so parents are able to set a specific amount for their children to spend on each transaction.
On May 5, the company announced that it would add new family-friendly merchants to its existing business network. The new business addition would include sport goods trading, games and toys. With the rapid accumulation of retailers, Virtual Piggy plans to add around 30 new merchants each month.
On May 22, Virtual Piggy hired Stedman Graham as a new member of their organizational Board of Advisors. Martha McGeary Snider, Chairperson of Virtual Piggy, stated that Mr. Graham is a great addition to their team as he is talented in designing desirable plans for youth growth.
According to their official statistics, Virtual Piggy achieved an income increase of approximately $2 million from the sales of their stock shares in 2010 and an increase of around $1 million in 2011. They are aiming for an increase of $2.8 million by 2013.
After the 3-day weekend, Virtual Piggy’s declining share prices may indicate growing concerns on whether the company is truly on the path it believes it is. It will be clearer later today once the closing price is determined, and during the next few months as we see if Virtual Piggy can maintain the value it has established since the beginning of 2012.
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