Lifelogger Technologies Corp (OTCMKTS:LOGG) Sustains Weekly Gains

It has been a strong month for Lifelogger Technologies Corp (OTCMKTS:LOGG) stock price, so far in this year. On July 6, the stock was trading close to $0.31 and after the recent weekly gains now stands at $0.49 per share. The recent stock performance on the chart has been extremely impressive with the stock posting nine green sessions in a row.

The performance

Here, it is worthwhile to mention that the current positive momentum in the stock has not been supported by any news, pump or press release. Lifelogger last official announcement came in first week of March, and since then there has been no update on development of its much hyped Lifelogger device.

Also, the financial performance do not supports the huge $42.78 million market cap of the company. Lifelogger completed the first quarter of the fiscal with $81,000 in cash. The reported current assets were $89,000 while $55,000 came as current liabilities. The company posted $0 in revenue and net loss was $290,000. The company raised $150,000 of capital in May by liquidating 348,000 of its common shares.

The device

The only thing that is keeping the interest of investors alive is Lifelogger’s cloud-based software system and device. It will enable the customers to click, store and also stream videos and pictures. However, the problem is that the company has failed in past to keep the deadlines. In the past both the device and the software system suffered from massive delays and with the recent dismal financials suggest that the company may continue to face production problems.

The fact that the market for wearable devices and Lifelogger camera is extremely appealing cannot be overlooked. However, industry success necessarily does not warrant individual company’s success.

LOGG

Lifelogger Technologies Corp (OTCMKTS:LOGG) not only lost 5.77% in the last trading session, it also closed below the low of the previous trading session, suggesting a lot of weakness in the extreme short term period. The volume of 1.4 million against the daily average of 743,000 was not a good sign for the nulls as that increased the probability of a short term reversal. The last rally has been excellent for the bulls but the rejection from the very strong supply area in the band of $0.55-$0.60 may keep the price down in the immediate term at least.

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