Boston, MA 06/16/2014 (wallstreetpr) – Shares of a Software as a Service or SaaS provider Park City Group, Inc. (NASDAQ:PCYG) recorded a double-digit uptick in the current month. Most importantly, the stock recorded a significant growth on June 13 following a brokerage initiating the shares of the company positively.
Shares Price Rise
Park City Group, Inc. (NASDAQ:PCYG)’s share price recorded an increase of 13.3% in the current month alone based on the closing price of $13.78 registered on June 13. This is due to the fact that the stock recorded a single day uptick of 6.9% on Friday. In the process, shares of ParkCity have struck a yearly high of $13.86, which meant an increase of 7.5% over the closing price of $12.89 on Thursday.
Even before a single day significant surge, the stock price more than doubled from the 52-week low price of $5.27. Similarly, the Friday or Thursday’s closing price of $13.78 and $12.89 indicated that the stock had surged 30.6% and 41.6% respectively compared to the 50-day, as well as, 200-day moving average price of $10.55 and $9.63 respectively.
The volume of trading was 221.7K shares on June 13 compared to 85.2K and 75.4K shares traded on the preceding two days of trading. Compared to the average 3-month volume, Friday’s volume indicated at least three times more than that. Similar is the case when compared to 10-day average volume.
Initiation of Stock
The strong surge in the shares of Park City Group, Inc. (NASDAQ:PCYG) is attributed to the initiation of coverage with a Buy rating by Brean Capital. The brokerage’s analyst Todd Mitchell has also reportedly kept a price target of $19.00 with a Buy rating on the shares of the company.
In the most recent third quarter, Park City Group, Inc. (NASDAQ:PCYG) suffered a net loss of $306K or loss of 3 cents a share, wider than net loss of $209K or loss of 1 cent a share in the year-ago quarter. On an adjusted basis, the latest quarter earnings were a break-even compared to two cents a share profit in the prior year quarter. Total revenues rose to $3.09 million from $3.05 million in the previous year quarter.
