Today, The Bowser Report issued a daily mover alert on Direct Insite (DIRI), which fell more than 10% today.
Yesterday, DIRI rose $0.10 per share, but the closing price didn’t come through until late. Only 400 shares traded. Today, the company lost that $0.10 back, falling 12.5%.
We are attributing this move to volatility although the company has been trading lower recently due to the 8-K that was filed at the end of November. This filing detailed the loss of one of DIRI’s clients that accounts for about 15% of the company’s revenue. Since the day that filing was released, the shares have bounced between $0.69 to $0.80 per share.
Currently, DIRI is in Category 2. The company will likely stay there in the upcoming newsletter, which features the company’s third quarter results. We still need to re-rate the company after this latest earnings report.
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