CIG Wireless Corp (OTC BB: CIGW), a junior wireless communications company, experienced a strong upward share price momentum after rallying over 165% since the stock hit 52-week low of $0.20 last week. The share price of the company gained more than 14% in each of the past two consecutive trading sessions with significant number of shares exchanging hands. Moreover, we note that the stock breached the 50-day DMA of $0.45 indicating an uptrend in the stock. During the last trading session, CIGW was the top gainer in the U.S. technology sector after powering 32.5% higher and closed at its $0.53 while recording significant volumes of 314,523 shares. Additionally, in the past 5-trading sessions, CIGW jumped 112% while recording daily average trading volumes of 125,995 shares, while the stock accumulated over 20% in the last one month with daily average trading volume of 53,123 shares.
Last week, CIGW reported a significant revenues growth of 209% for the second quarter ended on June 30, 2014 compared to same quarter last year. The revenues increased to $1.7 million on the back of various acquisitions which added 108 towers to the company’s portfolio. Moreover, the company reported net income of $13.4 million compared to a net loss of $1.8 million in the same period of the prior year. As of June 30, 2014, the company owned 178 wireless communication towers with presence in 24 states.
Company Description:
CIG Wireless Corp (OTC BB: CIGW) owns and operates wireless communications infrastructure in the United States. It primarily focuses on leasing antenna space on its multi-tenant towers and rooftops to various wireless service providers under long-term lease contracts.
1-Year Stock Chart:
Source: Bloomberg
