Boston, MA 03/25/2014 (wallstreetpr) – Share of Viking Minerals Inc (OTCMKTS:VKML) witnessed yet another day of uptrend during Monday session. The shares closed at $0.125, up 51.33 percent. Earlier on the day shares changed hands between $0.06 and $0.14, thus touching a new 52-week.
The Monday session saw traders shifting 18.88 million shares, far above the daily average volume of 4.21 million shares. The $24.93 million market capped company has had its stock going wild in the past three weeks, and amazingly, there seems to be very little company news to support the uptrend currently seen in the stock. And in its place, rumors and perhaps hope have been getting things going.
The closest the company came to provide encouraging news about itself was on March 5, when it filed with regulators. The company revealed that its CEO Charles Irizarry resigned on February 26, and his place taken by Robert Coleridge, a software engineer who worked with Microsoft Corporation (NASDAQ:MSFT) but who is making a transition into marijuana sector.
Following the development, shares of Viking Minerals Inc (OTCMKTS:VKML) have acquired wings, hitting new high prices and trading extremely higher volumes than normal almost session after session.
Marijuana hype lends support
The month of March has seen investor sentiments change drastically toward Viking Minerals Inc (OTCMKTS:VKML). While the company has not officially announced intent to venture into marijuana business, rumors have been coming and investors have been too willing to buy into the rumors.
The prospects of legalized marijuana are enormous and many companies are not letting go the opportunity, especially those that are already struggling in their primary operations like Viking Minerals. The company is currently nothing more than a shell without operations or assets.
Investing in the stock
Viking Minerals Inc (OTCMKTS:VKML) is going up and everyone can see that. However, the strength in the stock has little basis than the big hype generated from the prospects of marijuana venture, a places that the company could find support to its failing business health.
With so much about marijuana venture still unknown and Viking Minerals itself being nothing more than a shell without revenue since March 2013, investors are wise to do their own due diligence and exercise caution when dealing with the stock to avoid unnecessary losses.
