Spherix shares plummet


Investors apparently take umbrage over pico cap Spherix's (SPEX) patent litigation with Cisco. Shares are down 22% to $3.50 on a 10x surge in volume.

Analysts are bullish on the firm's business prospects, however. Consensus revenue estimate for this year is $52.3M up more than 8-fold from 2013's estimate of $6.5M.

Considering the company's tiny $17M market cap, investors should be cautious here.

This was corrected on 03/27/2014 at 02:36 PM.
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Comments (3)
  • Mongoose7916
    , contributor
    Comments (233) | Send Message
     
    This market current makes absolutely no sense. Hey SA if you don't know the reason something sold off then you don't have to make a breaking news story about it.
    27 Mar 2014, 05:16 PM Reply Like
  • asegpi
    , contributor
    Comments (27) | Send Message
     
    I believe the main reason behind the selling is the 4.4mio capital increase announced the same day, so its about 27% dilution...
    31 Mar 2014, 05:00 AM Reply Like
  • Mongoose7916
    , contributor
    Comments (233) | Send Message
     
    I found that out later but thank you. Still doesn't change the fact that SA had no idea why the price was selling off.
    31 Mar 2014, 11:22 AM Reply Like
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