Boston, MA 03/07/2014 (wallstreetpr) – China Precision Steel, Inc. (NASDAQ:CPSL) can depart from the norms in a manner that baffles everyone. Look, the company has not made any announcement so far this week, but the stock was trending Thursday as if the company has just reported a profit, or at least, a narrow loss. Yet when you look at the most recent quarter results you see something else.
Analysts have not spared China Precision Steel, Inc. (NASDAQ:CPSL) in their attacks, or are they bearish sentiments? TheStreet for example has a “Sell” tag hanging on the neck of the stock. In fact, the analysts raise a lot of questions about the stock’s ability to make investors rich by shedding light on various weaknesses.
However, even such bearish remarks have proven to be nothing for China Precision Steel, Inc. (NASDAQ:CPSL) which almost doubled in the last trading session. The stock was not just gaining and setting new high prices, but almost 100 times the normal daily volume of shares was traded on the day.
The shares touched a new one-year high at $3.75, on the day that the traders were willing to catch the stock in the range of $1.63 – $3.75. Eventually, the stock ended the regular session head-high at $3.05 with 94.27 percent gain.
So then, will anyone who understands what’s up the sleeves of China Precision Steel, Inc. (NASDAQ:CPSL) please stand up?
Chinese stocks have been particularly active in recent weeks. And it seems all that has to do with the prospects they present than the results they report. Talk about results at China Precision Steel, Inc. (NASDAQ:CPSL) has been nothing but a disappointment.
Quarterly results
China Precision Steel, Inc. (NASDAQ:CPSL) ended the second quarter with revenue in the region of $11.9 million, and suffered net loss of $13 million. The loss per each diluted share was $3.34. The company reported net loss of $10.9 million and $2.80 per share loss in the same quarter a year ago.
Investors Takeaway
With the surprise move in the stock in the last session, investors should keep a closer eye on China Precision Steel, Inc. (NASDAQ:CPSL) in the coming week to see how things unfold. For now, the behavior of the stock remains confounding.
