Zagg Inc. (NASDAQ:ZAGG
, ZAGG message board
) started progressing up yesterday. All of a sudden, it soared approximately 6% on the market to
close at $3.36 per share. Along with the price move, its traded volume almost got double to exceed 838 thousand shares for the day.
As the company has not released much news recently, no reasonable explanation on the price jump can be found, except the announcement for ZAGG's invisible shield for preventing signal loss. Based on the positive results form the lab tests, ZAGG is highly satisfied with its product.
Historical records show that the company has traded at approximately 50% higher price during the last year, however since then the price has moved down. In mid-August 2009 the company has reached 52-week high of $7.49, while presently it trades in the $3.17 range and nobody can define the future stock movement yet.
At end-June, ZAGG was promoted three times, however it didn't reflect positively on the stock and it kept its negative price change.
ZAGG Inc. manufactures and distributes protective coverings, audio accessories and power solutions for consumer electronic and hand-held devices. According to its financial report, the company's net sales for the first quarter of the year have increased by 8%, though its operating expenses got higher.
ZAGG reported lower revenue and gross profit as compared to the end of the last year, though it still has more assets than liabilities available. The management team believes that existing cash, along with cash generated from the collection of accounts receivable and the sale of products will be sufficient to meet the company's cash requirements during the next 12 months.
Currently, ZAGG relies on its new product sales and it is to release its second quarter results after the close of trading on August, 10.