Mississauga, ON -- (SBWIRE) -- 03/14/2014 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “Baylin Technology Shares Pummeled as Q4 Profits Sink 79 Percent.”
Companies mentioned in this article include Baylin Technologies (TSX:BYL).
Initial public offerings have been largely skyrocketing on their first week of trading, and Technology stocks have generally been producing solid returns in 2013 and 2014. Insider buying is usually a pretty reliable hint that good things are coming down the pipeline for companies. None of those broad market trends have worked in favor of Toronto’s Baylin Resources Inc. since the company entered the public domain with its IPO on the TSX on November 27, 2013.
Baylin Technologies (TSX:BYL) issued 6.25 million shares at a price of $8 for total gross proceeds to the company of $47.0 million. On the first day of trading for the antenna solutions provider, director Donald Simmonds and insider Pierre Soulard picked-up 2,500 shares and 1,000 shares at the IPO price. Shares hit a high of $8.35 during the inaugural trading day and haven’t come close to it since.
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