Friday, August 28, 2009

SpongeTech Breaks Twenty Cent Barrier

SpongeTech is closing our a phenomenal week as the share price crosses the twenty cent barrier. As penny stocks go OTCBB SPNG as performed very well considering its share structure. I fear the stock could come crashing down at any moment.
If any of my friends owned this penny stock I would strongly encourage them to consider taking some off the table. Only time will tell how well SPNG will perform and if actual sales and revenue increase significantly the market could support the current share price. However, the current book value is .016 cents and a PE of 20 is to rich for me.

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