Rennova Health Inc (NASDAQ:RNVA)
Rennova Health Inc (NASDAQ:RNVA) has lost close to 98% of its value over the past year. That is a worrisome figure made worse by the fact that the S&P Healthcare ETF, XLV, is up almost 20% over the same period. However today RNVA stock attempted a rebound on heavy volumes.
Shares of Rennova Health Inc (NASDAQ:RNVA) closed Monday at $1.43, then opened today at $1.45 before rocketing in morning trading to a high of $1.78. As of this writing (12:50 AM EST), RNVA stock is trading below yesterday’s close. Volumes have been curiously heavy for a stock that has a 30-day, daily average volume of just 82,620. So far, over 1.55 million shares have traded.
Rennova Health Inc (NASDAQ:RNVA) is based in West Palm Beach, FL. The company provides diagnostics and software solutions to the healthcare industry such as diagnostic laboratory testing and analytics for precision medicine, specialized and streamlined electronic health records. Rennova Health also supplies integrated medical billing solutions. The company also provides loans to healthcare providers that are collateralized by their accounts receivable.
RNVA Stock Performance
When adjusting for dilution, RNVA shares have a 52-week high of $103.50 – that is not a misprint. The 52-week low is $1.38 – just pennies above current trading levels. The Relative Strength Index stands at 15.25. Many traders believe that a figure below 20 represents a definite “oversold” condition which may explain the mornings heavy buying. However, traders were quick to take profit.
In 2015 Rennova Health Inc (NASDAQ:RNVA) had sales of $18.4 million but that number dropped to just $5.2 million for 2016. Unfortunately, the number of outstanding shares more than doubled in those years as Rennova Health raised funds by issuing more shares thereby diluting shareholder value. Only one firm rates RNVA shares and gives them a “Hold”.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.