Was Viggle Smoking Hot Last Week?

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Viggle Inc. (NASDAQ:VGGL)

 

On April 15th, 8.81M volume was the magic number to sky rocket Viggle Inc. right from market open with 1.50, through high of the day of 2.40, to close at 2.19 (45%+). Market Cap was 36.79M, Shares 16.7M, EPS 11.87 and the PE ratio was 0.10.  VGGL has an open float of 7.82M shares.

At close of trading, after-hours quote for VGGL was 2.20 which got a lot of the bullish traders excited as to the prospect of continuing with the long momentum into the following day. No surprises then that the consensus rating for VGGL over the past 3 months has been in favor of a strong recommendation to buy. However, it’s worth noting that the Relative Strength Indicator (RSI) of 74.25 at time of writing show VGGL as already overbought.  Technical traders will consider this figure a sign of a pending reversal while Value traders may still consider the stock a buy even at these levels. For technicians the implication of this RSI figure is the simple adage that, what goes up must surely come down. So proceed with caution. Of course by the time you are reading this article, this caution may be purely academic – with the benefit of your 20/20 hindsight, you now know how trading went with VGGL at the market on April 16th.

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Viggle Inc. (NASDAQ:VGGL) based in New York with about 135 employees, provides services in the entertainment industry. It operates as a mobile and Web-based entertainment marketing platform for media companies, brands, and consumers in the United States. Viggle Inc., through its wetpaint.com, reports news stories and publishes information content covering top television shows, music, celebrities, entertainment news, and fashion. The company was formerly known as Function(x) Inc. and changed its name to Viggle Inc. in May 2012.  During the spring of 2015 biotech stocks have remained dominate while stocks such as VGGL have been trading under the radar of most active traders.

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