Dataram Corp (NASDAQ:DRAM)
Princeton, NJ-based Dataram Corp (NASDAQ:DRAM) shares are up over 8% in morning trading. DRAM shares closed Tuesday at $2.79 and gapped up this morning to open at $3.15 before retreating. Shares are now trading around $3.00. There has been a massive increase in volume. Dataram has a 30-day, daily average trading volume of 87,000 but today, by 12:30 PM EST, over 2.2 million shares have traded hands.
Dataram and U.S. Gold Corp completed a merger late last month. The combined company trades under the ticker DRAM and news for each of the companies is often listed under the pre-merger names.
The catalyst for the shares’ move higher is the staking of 102 additional claims for the Keystone Project located on the prolific Cortez Trend. The Keystone Project now consists of 479 unpatented lode-mining claims, including the 102 additional and newly-staked claims on the east and southeastern portions of the property in Eureka County, Nevada.
Dave Mathewson, US Gold Corp’s Vice President and Head of Nevada Exploration, stated “I have been on and off the Keystone property for more than 30 years and I believe Keystone represents one of the best exploration opportunities in Nevada. This is the first time in the history of the district that a single company has consolidated the entire district, and US Gold Corp. will certainly benefit from being able to design an exploration program based exclusively on geology instead of claim boundaries.”
DRAM shares have been on a downward trend since early 2011. Earlier this month DRAM shares established a new 52-week, and lifetime, low share price of $2.55. Accordingly, performance has been disappointing for shareholders. YTD DRAM shares are down over 68%, and down over 71% for the year.
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: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.