Skyfii leaps to the heavens but with little news propelling its flight
Investors are showering favours on all kinds of tech companies and Skyfii is the latest to feel the love, jumping as high as 28 per cent on Wednesday.
The wifi data analytics business (ASX:SKF) rose to a 52-week high of 12c, before closing out the day at slightly lower at 11.5c.
Investors bought 302,000 shares between 10am and 2pm, and sold 10,000.
The only news on Wednesday was that director Andrew Johnson spent $10,647 on 146,540 shares last week.
Managing director John Rankin put it down to a good EBITDA (earnings before interest, tax, depreciation and amortisation) forecast last week that was beefing up investor confidence.
“There are a few trigger points for why investors are now buying on market,” he told Stockhead.
Skyfii is forecasting first half revenue to hit $2.6 million, up 88 per cent on the same period in 2017, and to break even on EBITDA soon.
The company listed in 2014 and in May this year CEO Wayne Arthur was still saying they had no target date for profitability.
At the end of September Skyfii had $2 million in the bank and an expected $2.2 million in outgoings in this quarter. Receipts hit $773,000. The 2017 full year loss was $4.9 million, down from $5.4 million the year before.
Skyfii sells a software service that analyses behavioural data through technologies such as WiFi.
For example, Woolworths is using its software to track the movement of anyone in stores who has WiFi enabled on their smartphone. If they sign up to Woolworth’s free WiFi service in store, SkyFii also tracks their internet and social media use.