3 Declining Stocks: AcelRx Pharmaceuticals Inc (ACRX), InterCloud Systems Inc (ICLD) and Microvision, Inc. (MVIS)
New York, NY – GDP INSIDER – 05/06/2014.
This article discusses three companies: AcelRx Pharmaceuticals Inc (NASDAQ:ACRX), InterCloud Systems Inc (NASDAQ:ICLD) and Microvision, Inc. (NASDAQ:MVIS)
AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) plummeted yesterday with the stock hitting a new one year low of $2.96 before recovering to $3.04 by the end of trading down 27.74% or $1.16 with more than 2.89 million shares changing hands, compared to its three month average trading volume of 0.699 million after analysts at RBC Capital Mkts reiterated their outperform rating on the stock and lowered their price target from $8 to $7 per share. The largely unwarranted drop pushed the RSI down to 23, making the stock a hold with a view to buy.
InterCloud Systems Inc (NASDAQ:ICLD) reversed yesterday’s gains to finish the day at a closing price of $3.03, a 26.10% decline in value from its previous closing price of $4.10 on much higher than average trading volume of 14.987 million, compared to its daily average trading volume of 1.98 million. The stock started to decline after the announcement of the launch of its new NFVGrid platform to use open APIs synchronize with SDN controllers, OSS/BSS platforms and cloud management systems. Despite the loss, the company is trading 108% above its 52 week low of $1.45. With RSI of 61 and one year price target estimate of $7, the stock has upside potential making it a hold for now.
Microvision, Inc. (NASDAQ:MVIS) continued to decline yesterday with the stock losing 9.48% or $0.31 to finish the day at a closing price of $2.96 on higher than average trading volume of 1.418 million, compared to its three month average trading volume of 1.25 million. The drop was witnessed after the company entered into a $6 million agreement with BP Capital. According to the agreement, the company may be able to offer and sell share of its common stock through Meyers Associates, L.P. Over the past three months and over the past six months, the shares of Microvision, Inc have gained 44.39% and 65.36%, respectively. Better to hold than buy at this time.
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