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SNF.V - Sunora Foods Inc.

Discussion in 'Canadian Stocks Message Boards' started by TheDude, Apr 5, 2016.

  1. TheDude

    TheDude Member

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    Sunora Foods Inc. Due Diligence Report

    Symbol: SNF.V
    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 32 million (75.7%, CEO owns 30 million alone)
    website: http://www.sunora.com/
    December 2015 Presentation: http://www.sunora.com/assets/docs/pp...1231095233.pdf
    February 2016 Radio Interview: http://thestockradio.com/tsr-audio-interview-steve-bank-ceo-of-sunora-foods-tsx-v-snf-2630.html

    Most Recent Financial Results (Ending September 30th 2015)

    Assets
    Cash: $2,752,139
    Accounts Receivable: $1,163,447
    Inventory: $486,377
    Prepaid Expenses: $4,501
    Deferred Tax: $150,062
    Total Assets: $4,556,526

    Liabilities
    Accounts Payable: $819,939
    Income Tax: $120,165
    Total Liabilities: $940,104

    Quarterly Earnings Summary:
    2014 Total - $189,073
    2015 Q1 - $189,073
    2015 Q2 - $110,940
    2015 Q3 - $198,771

    Revenue After 9 Months
    Sales - $8,452,570
    Gross Margin - $945,250
    Total Costs - $211,985
    Income Before Tax - $733,265
    Net Income - $549,949 or $0.013c EPS
    MD&A Highlights

    Sunora is a Calgary‐based trader and supplier of canola, soybean, corn, olive and other food oils. Currently, the Company is a relatively modestly‐sized player participating in an international business populated by some of the largest companies in the world. It has successfully maintained a niche position that has been achieved by building strong relationships with its suppliers and customers through a history of reliable and responsive service. While the Company regularly cooperates with many of these companies, it also occasionally competes with companies that have far greater resources.

    Sunora had sales in line with expectations for the nine month period ended September 30, 2015. Sales were negatively impacted by a decline in oil related commodity prices of over thirty percent and bulk oil sales declined in the third quarter.

    The $549,949 of net income and comprehensive income in the nine months ended September 30, 2015 was due to better gross margins attributable to a continuing higher percentage of packaged oil sales versus bulk oil sales. Profitability also benefitted from the positive impact of the foreign exchange gains.

    The foreign exchange gain or loss arises primarily as a result of inventory purchases and sales, to the extent that they are denominated in US currency.

    Sunora's cash balances increased $967,992 in the nine months ended September 30, 2015. This increase since December 31, 2014 resulted primarily from higher income for the nine month period, the reduction of inventory, and a decrease in accounts receivable affect slightly by a decrease in accounts payable and accrued liabilities during that period. Sunora’s cash balance increased during the nine months ended September 30, 2015 primarily due to an increase in net income, a decrease in inventory and decrease in receivables offset partly by decrease accounts payable and accrued liabilities during that period

    Sunora maintains strong relationships with a number of strategically located customers internationally and in North America. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on international economies including Asia, and has met this increased demand with Canadian manufactured food oil products. Sunora operations can be impacted by geopolitical situations that may restrict delivery, but this has not significantly hindered operations to date. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    The financial position of the Company is strong relative to its financial requirements and commitments. Management has maintained a conservative approach to day‐to‐day operations, monitoring the timing of its inventory turnover closely to ensure it can meet its obligations to suppliers within their credit facilities. Collections from customers are stringently managed such that substantially all receivables at September 30, 2015 were less than 60 days old. Sunora's Current Ratio (Current Assets divided by Current Liabilities) target as set by management is 2.0:1. Including its cash balance of $2,752,138 at September 30, 2015, Sunora's Current Ratio at September 30, 2015 was 4.7:1. The Company has continued to have a strong working capital position. Additionally, the Company has neither debt nor any financial obligations other than to fund its operations.
     
  2. TheDude

    TheDude Member

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    Year end results will be out end of April for SNF and Q1 a month afterwards. Below is today's depth chart(Level 2):

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    20,000 0.115 0.125 4,000
    45,000 0.110 0.130 33,500
    170,000 0.100 0.135 25,000
    4,000 0.085 0.150 10,000
    1,500 0.070 0.175 5,000
    5,000 0.040 0.180 10,000
    6,000 0.035 0.250 5,000
    165,000 0.005 -- -- --
     
  3. TheDude

    TheDude Member

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    Sunora Foods investor Shanghai acquires 19% interest

    2016-04-14 05:16 MT - News Release

    Mr. Steve Bank reports

    EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103

    In accordance with regulatory requirements, Shanghai Hao Zhuo International Trading Ltd., a company based out of Shanghai, China, has acquired 8,028,400 common shares of the corporation from Steve Bank, president and chief executive officer of the company, on April 13, 2016, which represents 19 per cent of the outstanding common shares. Prior to the purchase, Shanghai owned no common shares of the corporation.

    The securities acquired by Shanghai are held for investment purposes. In the future, Shanghai may increase or decrease its respective ownership of securities of the corporation from time to time depending upon the business and future market conditions.

    A copy of the early warning report filed pursuant to National Instrument 62-103 may be obtained on SEDAR.

    We seek Safe Harbor.

    © 2016 Canjex Publishing Ltd. All rights reserved.

    NOTE:

    Insiders still own the following that is disclosed:

    CEO Steve - 22 million
    Direct Daniel - 1 million
    Director Michael - 1 million
    Shanghai - 8 million

    There are also some other small shareholders listed on SEDI. Q4 will be out in two weeks and Q1 2016 in six weeks. If two more positive quarters are out, that will be several positive earnings reports and the price should rise significantly.
     
  4. Gil Oren

    Gil Oren Brew Master
    Staff Member

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    I see you have been hard at work getting new threads up!

    Thanks for filling in the Canadian section!
     
    TheDude likes this.
  5. TheDude

    TheDude Member

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    Thanks Gil! It didn't take too long either and I guess it's much cleaner now with some of the old clutter from HSM gone.
     
  6. TheDude

    TheDude Member

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    Some cheap stock for sale before year end results next week. After that Chinese company took a 19% stake in the company, it tells me that their expansion to China is looking good. Level 2:

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    22,000 0.115 0.125 25,000
    49,500 0.110 0.130 10,000
    170,000 0.100 0.135 --
    4,000 0.085 0.140 20,000
    1,500 0.070 0.175 5,000
    -- 0.045 0.250 --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  7. TheDude

    TheDude Member

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    Some generous sellers out there giving stock away at 11c to 12c. From the last quarters and recent insider acquisition, pretty sure the company will have another good profitable quarter and then Q1 next month to boot. No reason why we shouldn't be trading in the 20's by June if there's two more $150K+ net incomes quarters coming out. That would take total earnings of 5 quarters to $1 million and over 2c EPS.
     
  8. TheDude

    TheDude Member

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    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    15,000 0.120 0.125 10,000
    45,000 0.115 0.130 25,000
    49,500 0.110 0.135 10,000
    180,000 0.100 0.175 5,000
    4,000 0.085 0.250 5,000
    1,500 0.075 -- -- --
    5,000 0.045 -- -- --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  9. TheDude

    TheDude Member

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    Sunora Foods earns $502,182 in 2015

    2016-04-29 07:08 MT - News Release

    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES 2015 YEAR END FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal year ending Dec. 31, 2015. These filings are available for review on SEDAR and the corporation's website.

    During the fiscal year ended Dec. 31, 2015, Sunora's highlights include the following:

    • Net income for the period ending Dec. 31, 2015, of $502,182 versus net income of $189,073 for the comparable period ending Dec. 31, 2014; an increase of 166 per cent.
    • Gross margin for the period ending Dec. 31, 2015, of 10.7 per cent versus gross margin for the comparable period ending Dec. 31, 2014, of 7.0 per cent;
    • Revenue of $10,815,959 for the 2015 fiscal year versus revenue of $13,235,038 for the comparable 2014 fiscal year;
    • Cash and cash equivalents of $2,620,566 for the period ending Dec. 31, 2015, versus $1,784,147 for the comparable period ending Dec. 31, 2014;
    • Appointment of Shawn Li to the position of manager, Asia;
    • Appointment of Eric Dahlberg to the board of directors;
    • Expansion of Sunora's portfolio of canola products into China;
    • Agreement with major Asian trading partner for Sunora's portfolio of food oil products.

    FINANCIAL HIGHLIGHTS
    Period ending Dec. 31, 2015

    Sales $10,815,959
    Gross margin $1,157,932
    Income before taxes $661,082
    Net income $502,182
    Earnings per share $0.012


    © 2016 Canjex Publishing Ltd. All rights reserved.
     
  10. TheDude

    TheDude Member

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  11. TheDude

    TheDude Member

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    Sunora Foods Inc. Year End Results (December 31, 2015)

    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 31 million (73% as per Sedi)
    April 2016 Presentation: http://www.sunora.com/assets/docs/ppt/sunora-foods-ppt-apr-2016-20160429102019.pdf
    February 2016 Radio interview: http://thestockradio.com/tsr-audio-interview-steve-bank-ceo-of-sunora-foods-tsx-v-snf-2630.html

    Financials

    Assets
    Cash: $2,620,566 (2014 - $1,784,147)
    Accounts Receivable: $920,001
    Inventory: $497,798
    Prepaid Expenses: $32,826
    Deferred Tax Asset: $147,974
    Total Assets: $4,219,165 (2014 - $4,139,409)

    Liabilities
    Accounts Payable: $468,226
    Income Tax: $66,638
    Customer Deposits: $13,066
    Total Liabilities: $547,930 (2014 - $1,072,936)


    2015 Sales
    Revenue: $10,815,959
    Gross Margin: $1,157,932
    Net Income: $502,182

    MD&A Highlights

    The $502,182 of net income and comprehensive income in the year ended December 31, 2015 compared to $189,073 for the previous year – an increase of 166%, was due to an increase in the average gross margin of 3.7% despite a drop in sales of 18%. These stronger gross margins can be attributed to a higher percentage of sales in packaged products which have higher value added. Another factor that contributed positively to the net income and comprehensive income was foreign exchange gains associated with a weaker Canadian dollar.


    Sunora's current assets consist of cash, term deposits, accounts receivable, prepaid expenses and inventory. Cash is held for working capital requirements and to fund expansion costs for new markets and customers. A policy of conserving cash is rigorously followed by management in order to sustain operations and not hamper its marketing strategies. Accounts receivable was reduced due to reduced sales and continuing efforts by management to improve the Company’s collections. The decrease in inventories was due to changes in customer demand and stronger controls.

    Sunora maintains strong relationships with strategically located customersin North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in the fourth quarter of 2015. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations.

    The financial position of the Company is strong relative to its financial requirements and commitments. Management maintains a conservative approach to day-to-day operations, monitoring the timing of its inventory turnover and meeting its obligations to suppliers within their credit facilities. Collections from customers were stringently managed as that substantially all receivables at December 31, 2015 were less than 60 days old. Sunora's Current Ratio (Current Assets divided by Current Liabilities) target as set by management is 2.0:1. Including its cash balance of $2,620,566 at December 31, 2015, Sunora's Current Ratio at December 31, 2015 was 7.4:1. The Company has continued to have a strong working capital position. Additionally, the Company has neither debt nor any financial obligations other than to fund its operations.
     
  12. TheDude

    TheDude Member

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    P/E shows at under 9X which is pretty low for a cash rich, no debt, EPS growth story. Everyone needs food products, and when you sell internationally, that adds more merit to your story. Level 2:

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    65,000 0.110 0.115 25,000
    10,000 0.100 0.120 47,000
    10,000 0.095 0.130 25,000
    20,000 0.090 0.145 10,000
    4,000 0.085 0.150 25,000
    1,500 0.075 0.175 5,000
    5,000 0.045 0.250 5,000
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  13. TheDude

    TheDude Member

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    Two weeks until Q1 results are out.
     
  14. TheDude

    TheDude Member

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    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    10,000 0.115 0.120 15,000
    15,000 0.110 0.125 10,000
    26,000 0.100 0.130 50,000
    4,000 0.085 0.150 25,000
    1,500 0.075 0.175 5,000
    5,000 0.045 0.250 5,000
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  15. TheDude

    TheDude Member

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    Q1 results next week. Level 2 below

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    4,000 0.115 0.120 10,000
    40,000 0.110 0.125 10,000
    46,000 0.100 0.130 50,000
    4,000 0.085 0.150 25,000
    1,500 0.075 0.175 5,000
    5,000 0.045 0.250 5,000
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  16. TheDude

    TheDude Member

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    Sunora Q1 summary news release below. It was a profitable quarter, but as I was told by management after year end, Q4/Q1 was affected by some issues in China. However, this has been resolved and as mentioned in the news below, Q2 will be better for sure. Cash & equivalents still went up $360,000 since December 2015 which is huge. I will be posting the breakdown shortly.

    Sunora Foods earns $24,971 in Q1 2016

    2016-05-30 13:51 MT - News Release

    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES QUARTER 1 FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal period ending March 31, 2016. These filings are available for review on SEDAR and the corporation's website.

    During the fiscal period ended March 31, 2016, Sunora's highlights include the following:
    • Net Income of $24,971 for the period ending March 31, 2016, versus net income of $240,236 for the comparable period ending March 31, 2015 (primarily the result of foreign exchange losses during Q1 2016 versus a foreign exchange gain during Q1 2015);
    • Gross margin of 9.4 per cent for the period ending March 31, 2016, versus gross margin for the comparable period ending March 31, 2015, of 11.1 per cent;
    • Revenue of $2,687,379 for Q1 2016 versus revenue of $2,743,967 for Q1 2015;
    • Cash and cash equivalents of $2,981,812 for the period ending March 31, 2016, versus $2,620,566 at the end of Dec. 31, 2015.
    • Continuing focus on expanding international sales with emphasis on China and Southeast Asia.
    FINANCIAL HIGHLIGHTS

    Period ending March 31, 2016

    Sales $ 2,687,379
    Gross margin 252,422
    Income before taxes 33,295
    Net income 24,971
    Earnings per share 0.00

    Sunora's Q1 2016 financial results were negatively impacted by a brief slowdown in demand from international customers due to economic restructuring, as China reorients from manufacturing to domestic consumption and from delays in shipments. International sales have trended upward in Q2, with expected additional sales during this period and beyond.

    © 2016 Canjex Publishing Ltd. All rights reserved.
     
  17. TheDude

    TheDude Member

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    Sunora Foods Inc. Q1 2016 Results (Ending March 31st 2016)

    NOTE: Keep in mind that Q4 2015 and Q1 2016 had some one time issues with regards to logistics, back-orders and currency fluctuations. Otherwise, as stated in the news today, Q2 results and beyond will be much better.

    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 72% As per SEDI

    Financial

    Assets
    Cash: $2,981,812 - $0.07c a share just in cash
    Accounts Receivable: $989,160
    Inventory: $607,523
    Prepaid Expenses: $18,419
    Deferred Tax: $147,974
    Total Assets: $4,744,888

    Liabilities
    Accounts Payable: $936,008
    Income Tax: $48,940
    Customer Deposits: $63,734
    Total Liabilities: $1,048,682

    Q1 2016 Net Income: $24,871
    2015 Total Net Income: $502,182
    2014 Total Net Income: $189,073

    Breakdown in sales distribution for Q1(in MD&A)
    USA: $2,167,415 (Last year was $1,785,591) – Increase by $381,824
    Canada: $235,713 (Last year was $275,451) – decrease by $39,738
    International: $248,251 (Last year was $682,925 – Shipping issues for the quarter caused discrepancy)

    MD&A Highlights

    The $24,971 of net income and comprehensive income in the three months ended March 31, 2016 was lower than the same quarter of 2015. This was primarily as a result of a foreign exchange loss of $82,655, as opposed to a foreign exchange gained $131,013 in the prior year. In addition, sales were slightly lower, and the gross margin declined from the prior year as a result of delivery issues with a copacker.

    Sunora's current assets consist of cash, accounts receivable, prepaid expenses and inventory. Cash is held for working capital requirements and to fund expansion costs for new markets and customers. A policy of conserving cash is rigorously followed by management in order to sustain operations and not hamper its marketing strategies. Accounts receivable is in a comparable range to that of December 31, 2015, due to continuing efforts by management to control the Company’s credit and collections. The increase in inventory is due to increased bulk oil purchases in anticipation of future sales.

    Sunora's current liabilities consist of accounts payable and accrued liabilities, income tax payable and customer deposits. Accounts payable increased by $467,782 since December 31, 2015, due to increased bulk of oil purchases at the end of this quarter. Nevertheless, Sunora is committed to its policy to manage its trade payables on a current basis and maintain its excellent credit standing.

    The Company's target Working Capital Ratio (Current Assets divided by Current Liabilities, which is an indicator of its ability to finance its on-going operations) is 2:1. Current Assets comprise cash, accounts receivable, prepaid expenses and inventory; current liabilities include accounts payable, accrued liabilities and income taxes payable. The amounts of accounts receivable, inventory and accounts payable and accrued liabilities at a point in time are the direct result of sales and purchases and how the Company manages collections, supplier credit and inventory levels, which in turn is manifested in the available cash. At March 31, 2016, the Working Capital Ratio has declined to 4.4:1 compared to 6.75:1 at December 31, 2015.The Company's business has been managed with a strong working capital position which has enabled the Company to operate without debt. Additionally, the current nature of Sunora's operations has enabled it to expand without making capital investments. Therefore, the Company believes it is in a very favourable position to expand in the future.

    The Company operates in the single segment of food oil. Competition is always a significant factor in the food oil industry. The Company determines the geographic location of revenues based on the location of its customers. The geographic categories presented are the United States, Canada and Other; other comprises various regions in South America, Africa, Asia, the Middle East, Eastern Russia, Australia and New Zealand.

    The Company had an economic dependence on one customer. During the three months ended March 31, 2016 and the three month period ended March 31, 2015, sales to this customer represented approximately 21% and 13% of the Company's total sales, respectively. Sunora's sales to the United States have recently trended higher in proportion of sales in Canada. Overseas markets are generally continuing to grow and provide greater long term stability to sales. The growth of sales in emerging markets, where awareness of healthy food choices is growing as a result of the expanding middle classes, is a positive trend for Sunora.

    Cost of sales consists of purchases of crude and refined oil, freight and custom duties. Sunora achieved a gross margin of 9.4 % in the three months ended March 31, 2016, which varied due to delivery issues with co- packers, compared to 11% in the three months ended March 31, 2015. These margins were within an expected range.

    Outlook

    Sunora maintains strong relationships with strategically located customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in the last quarter of 2015. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations. Management is also actively considering possible new products that may benefit from new domestic and international markets. With the continuing improvement in the United States economy and new customers being added in Asia Sunora is well placed to improve its profitability and financial position.
     
  18. TheDude

    TheDude Member

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    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    25,000 0.115 0.130 279,000
    61,000 0.110 0.175 5,000
    25,000 0.105 0.250 5,000
    26,000 0.100 -- -- --
    4,000 0.085 -- -- --
    1,500 0.075 -- -- --
    5,000 0.045 -- -- --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     
  19. TheDude

    TheDude Member

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    Some good volume this morning and SNF popped to an all time high of $0.175, highest since the IPO in 2014. Stock has been undervalued all year given it's large cash position, clean balance sheet, heavy insider ownership of 71% and world growth chart. Below is the level 2, not much for sale anymore.

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    10,000 0.120 0.175 4,000
    25,000 0.115 0.250 5,000
    61,000 0.110 -- -- --
    25,000 0.105 -- -- --
    26,000 0.100 -- -- --
    4,000 0.085 -- -- --
    1,500 0.075 -- -- --
    5,000 0.045 -- -- --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
     
  20. TheDude

    TheDude Member

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    Even after the pop from yesterday, just a few tiny orders for sale today:

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    3,000 0.130 0.145 5,000
    25,000 0.120 0.150 10,000
    61,000 0.110 0.170 7,000
    25,000 0.105 0.175 4,000
    26,000 0.100 0.240 18,000
    1,500 0.075 0.250 5,000
    5,000 0.045 -- -- --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --
    165,000 0.005 -- -- --
     

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