GGBM shares have moved 42% higher over the past 11 days, most recently on news of a purchase order for two WiFiber links from a reseller for the Saudi government last Friday. GGBM closed Friday's regular trading session $0.2799 higher at $4.3499, a gain of 6.88%. The stock continued its ascent after hours, rising 72 cents to $5.07.
It has reached as high as $5.7601 during today's regular trading session, though it still sits well short of its April 2006 high of $13.80.
It's been a summer of high demand for Gigabeam's WiFi services -- two weeks ago it soared after the announcement of a purchase order from South African reseller InnovatIF Telecoms. Shortly before that was the announcement that Herndon, Va.-based One Velocity purchased orders for 24 WiFiber links.
Gigabeam's recent gains help underscore that WiFi's high speed and cost advantage of installment (for example, it does not require terrestrial digging to install) are characteristics that put it in high demand worldwide.
Richard Brandt from SmallCapInvestor.com still feels the need to point to one group of pessimists.
Brandt highlighted a report last month from research firm ValuEngine that gave Gigabeam a fair market value of $6.30 per share. "It has a 'strong sell' recommendation, projecting it will underperform the market over the next year," writes Brandt.
GGBM currently has 6.55 million shares outstanding, and its market cap is $38.87 million.
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