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Thursday, May 11, 2006

Penny Stock Pick - CAU

More Golden Opportunity The penny stock on the spotlight today is Canyon Resources Corp. (CAU), a Golden, Colorado based gold mining company for western United States. On Monday the company reported narrower net loss of $382,100 for the first quarter. The stock has since surged from below $1 per share to as much as $1.42 today before profit taking send the stock back to $1.21 at the closing bell. However the decline has attracted buyers as the stock surged 11.58% or 14 cents to $1.35 in after hour action. As gold is continuing hitting new high, let's take a detail analysis at the stock to see if it is worth buying.

Technical
The technical chart looks positive as 50 day moving average has been on top of 200 day moving average since mid November of last year. In addition MACD and KD show buy signal as MACD is on top of signal line and K line is on top of D line.


Insider
The recent insider transaction was bullish as the Beneficial Owner Passport Management LLC acquired 44,000 shares worth 83 cents per share. Moreover the institutions have purchased additional 949,200 shares for the latest quarter.

Financial
The income statement seems negative as the company continued to generated less revenue especially recently in 2005 where the company earned only $4.1 million compared to $11.8 million in the previous year. The cash flow statement is slightly better as the company had less net loss for 2005 compared to previous year and as a result had more cash coming in with additional financial activity. Although cash level had increased, the company may still in need of financing due to huge net loss.


Penny Stock Score (1~5) 5 is highest
1. Market Potential(gold mining): 5
2. News: 5
3. Technical: 4
4. Insider : 4
5. Financial: 2
Recommendation: Strong Buy

5 Comments:

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