Today, The Bowser Report issued a daily mover alert on Direct Insite Corp. (DIRI), which was down more than 10% today.
DIRI’s 8-K was negative, which is why the stock fell today on large volume. The filing detailed, “one of HP’s customers was terminating its contract with HP pursuant to which [DIRI] provided services to such client, effective February 23, 2016… This client comprised 14.7% of DIRI’s revenues for the nine months ended September 30, 2015, and 15.4% of the Company’s revenues for the twelve months ended December 31, 2014.”
DIRI is in negotiations with HP and HP’s client to continue to provide at least a portion of services. We’ll continue to monitor the affect that this has on DIRI in both the short and long-term.
Currently DIRI is in Category 2 with a Bowser Rating of 8. That puts the company in buying range. While this announcement makes the company a tad more speculative, a position at $0.80 per share is a very low cost basis with a good upside.
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