Making an appearance on today’s ‘top losers list’ is UpSnap Inc. (CNSX:UP). Despite announcing relatively positive news earlier in the day, the Vancouver-based company is currently trading down 20%.
What’s Happening with UpSnap Inc.?
It was only a month ago that the Canadian company hit a new 52-week high. On January 15, UpSnap Inc started trading at $0.055. Not only that, but three days later the data-driven mobile advertising provider disclosed that it had added a targeted direct mail platform to its mobile advertising solutions – all positive news. And yet now the stock is dropping despite the good news which continued all the way up until today.
Today, February 13, UpSnap Inc announced that it has officially rolled out its new UpSnap Direct website. This is significant news because it will now allow advertisers to sign up for intent-based direct mail campaigns using the company’s Intentional Direct Mail technology. Essentially, this technology allows for advertisers to further their audience base. As a result, the expectation would have been UpSnap to be green on the market today, but it seems investors are on a different page.
>>Wesco Aircraft Holdings are Flying High
As of this writing, UpSnap Inc is trading at $0.020 on the Canadian Securities Exchange. This puts the stock down $0.005, or 20.00%. It is evident that this is a considerable drop from the 52-week high the company reached last month. Currently, UpSnap has a market capitalization of 5.31 million.
The Takeaway
It will be interesting to see the direction in which the stock moves tomorrow, Wednesday, February 14. Today’s drop might have been caused by investors disappointment in the new website, but the more investors and shareholders think about it, the more they may come around to the design and idea of it all.
Or, the stock is going to continue to drop. Who really knows with the stock market, anyway? It’s worth keeping an eye on UpSnap for the rest of the week in order to see if the company can shed itself from the label of ‘One of Tuesday’s worst performers’.
*At the time of publishing stock has dropped 20% further and is now trading down 40%.
Featured Image: upsnap.com
