Keek Inc. (KEK:TSXV) has been rising ferociously in the month of June, in the wake of insider buying from Sheldon Inwentash and following a key appointment to the social video sharing company.
A significant surge in insider buying has coincided with Keek’s rise of late. Volume in the company has been gradually increasing as Keek has become one of the most liquid stocks on the TSX Venture.
After hitting a multi-week low of $0.105 per share on June 11th, Keek put out quite the significant news release on June 12th. We’ll touch on that development and the recent price action in the stock shortly.
In January of 2014 the free global social video sharing company became available to investors via the public markets following an amalgamation by Primary Petroleum.
Its volume spiked and its share price fluctuated greatly, hitting a 52-week high of $0.35 per share, as evidence from the stock chart below. Make sure to note the gradual increase in volume of late.
Keek – 6 Month Chart
Pinnacle summarized the company’s developments at the time, in an article titled, Insiders Buy Primary Petroleum as Amalgamation with Keek Inc. Continues. In January of this year we wrote that,
Keek is representative of a new wave of technology start-ups utilizing the TSX Venture as a vehicle to enhance and promote their technology platforms to the world.
Click here to read that entire article.
Insider buying has continued and increased, but from a different party and one known for taking significant positions in some of Canada’s brightest up and coming tech stocks.
That insider is Sheldon Inwentash, Founder, Chairman and CEO of Pinetree Capital. We have highlighted Sheldon’s insider buying in companies such as Sphere 3D and POET Technologies; two incredible TSX Venture success stories that have received global media attention, while reaping early investors incredible gains.
Since June 12th, Sheldon has acquired roughly 2.2 million shares of Keek, according to CanadianInsider.com.
Interestingly enough, Pinetree Capital Ltd. has acquired the exact same number of shares in the same time period.
Both Sheldon and Pinetree bought 250,000 shares at $0.125 on June 12th. Sheldon and Pinetree also both bought 1.25 million shares at a price of $0.166 on June 19th.
On June 12th, Keek traded 1.14 million shares. The stock rose 8.7% that day, followed by a flat day on the 13th. Then, the stock rose for 4 consecutive trading days and saw over 9 million shares trade hands. The stock had nearly doubled after hitting a high of $0.19 per share on June 19th. By the 23rd the stock had sold off to $0.14, but was back to a new multi-week high of $0.195 today on over 5.5 million shares traded.
Keek is on pace to record one of its most liquid trading days since it became a publicly traded company on January 23rd 2014. It traded some 12,161,647 shares on that day.
Keek traded 5.5 million on the 27th and 5.6 million on the 28th of January.
Aside from the notable insider buying from Sheldon Iwentash and Pinetree Capital, Keek put out some significant news June 12th. The rising social media company that harnesses the power of short video messages has been beefing up its management team.
Below is a short excerpt from the press release.
“Keek Names Interactive Entertainment and Gaming Pioneer Jamie King as Chief Product Officer
Keek, Inc. (TSX VENTURE: KEK) (OTCQX: KEEKF) announced today that it has appointed Jamie King to the new position of Chief Product Officer. The King hire marks the third recent senior appointment for Keek. In April, Keek named a new CEO, Alexandra Cameron, and CMO, Lin Dai to its leadership team. King is an award-winning interactive entertainment pioneer with over 15 years of digital product experience. During his career, to date, King has been credited with over 90 top interactive gaming titles, always at the forefront of many of the latest innovations from console to mobile.
King will oversee the product team and his primary focus will be on delivering a compelling user experience, consistently improving upon the product offering and creating opportunities for the 67 million Keek members worldwide to share superior content, which is expected to result in deeper engagement. He will be expanding the product team in both New York and Toronto and will report to Keek CEO Alexandra Cameron.
King was Co-Founder and VP of Product Development at Rockstar Games, a wholly-owned subsidiary of Take Two Interactive, the video game developer and publisher best known for game franchises such as Grand Theft Auto, Max Payne, Red Dead and Manhunt. During his tenure at Rockstar, King managed over 750 employees, distributed globally across eight studios. In that role, he led teams of engineers, designers and artists in the development and production of best-selling video game titles. In 2007, King founded 4MM Games, and in his role as Chief Creative Officer, he designed and developed numerous branded games, including Def Jam Rapstar for the Xbox 360, PS3 and Wii video game consoles and Dog Show Friends for Facebook.”
Click here to read the entire press release.
Keek’s main prompt is: Join the social video revolution!
And “Share Your Best 36 Seconds with the World.”
With 67 million users worldwide, many have already taken the plunge. It will be interesting to see if adoption rates continue to rise and ultimately lead to increased revenue or fuel speculation about a potential buyout.
Please read: This is not an invitation to purchase securities mentioned in this report. Pinnacle Digest does not endorse or recommend any of the referenced securities. At the time of publication and distribution of this report (12pm PST on June 30, 2014) neither PinnacleDigest.com, its employees or consultants owned shares in any of the mentioned companies in this report. This article is intended for informational and entertainment purposes only. The author of this article bears no liability for losses and/or damages arising from the use of this article. Be advised, PinnacleDigest.com and its employees are not a registered broker-dealer or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Information in this report has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete.
