Based on this week's action, traders are expecting big things out of Gigabeam. The stock closed at $5.93 yesterday, up 22% on an otherwise massacre of a day on the Nasdaq. Last Friday, Gigabeam closed at $2.80 and had traded between $2.06 and $9.55 in the last 12 months. Gigabeam also has a very low float of 6.5 million shares and traded 4.6 million shares today , so don't go crazy and buy 100,000 shares or anything. Also of note, Gigabeam had just regained Nasdaq compliance by naming an independent director and audit committee member in early July. Their previous independent director resigned in the first quarter.
Current GigaBeam partners and customers include Google, Verizon, ING, Sprint, The Department of Defense, as well as several cities and universities such as San Francisco and Boston University. The DoD made a follow on order through a reseller in May and I would expect them to be a pretty picky wireless customer.
Gigabeam is an exciting company that should continue to make news for years to come. A word of caution, this is an extremely speculative stock so be careful and don't get too greedy. The investor call today should fuel continued interest in the stock, will we see the 52 week high?
Disclosure: The author is long Gigabeam, Inc.
GGBM 1-yr chart