Good news for Glowpoint, Inc. (NYSE: GLOW) investors; the company which operates as a managed service provider of video collaboration and network applications made a big announcement recently. According to August 1, 2017 release, GLOW has completed a recapitalization of its existing debt obligations. This debt as of July 31, 2017 got rid of $9.362M of debt and accrued interest obligations.
This is a big boost for investors who will no doubt see a much lighter and more agile company ready to take on the world – or at least take on the other players in its sector.
The news, though not earth-shattering, did manage to give the stock a bit of lift on Tuesday. GLOW opened the day’s trading at 0.28 before climbing to a day’s high of 0.40 before falling back to 0.28 before rising again to close the day’s session at 0.35 or up 15%.
Tuesday’s performance means that YTD GLOW is up 31%, not bad at all for a stock that has seen its fortunes dip to a 52-week low of 0.14. The 52-week high is 0.61 though GLOW has managed to do precious little with that achievement. As at this writing, the stock is down 42% on the 52-week high. But there is good news depending on your perspective and optimism if there is any. GLOW is up 150% on its 52-week low which means that there is some recovery taking place. Investors have clearly responded to some latent upside potential for the stock and the moving averages among other things have responded as well. The target price for the stock is a mammoth 3.54 which by most standards is pretty respectable given the fact that the stock has barely traded above 50 cents over the past weeks. That’s a big vote of confidence from analysts though so it will be interesting to see how things play out.