ICO Global Communications is a space bound company operating medium orbit based satellites. The company aims to provide wireless voice, video and internet services in the United States. While the company has an exciting business model it is important to note that ICO filed for Chapter 11 bankruptcy in 2009.
Ico Global Communications Holdings (ICOG) 1500 @ $2.95
ICO Global Communications is a space bound company operating medium orbit based satellites. The company aims to provide wireless voice, video and internet services in the United States. While the company has an exciting business model it is important to note that ICO filed for Chapter 11 bankruptcy in 2009. Showing 51-million in cash and just 15-million in debt, ICOG seems like it has found its financial footing for the time being. Despite past financial hardships, the company is heavily owned by insiders and institutions with 24% and 34% respectively.
The company has been the target of short sellers the past 3-years since its Chapter 11 filing. Making a low of just .12 in late 2009 the stock is now valued at $3.23 as of June 24, 2011 at market close. Although the company is speculative in nature and has seen major upside already, we believe another push up could be just around the corner. The Russel 2000 index re-balancing last Friday resulted in a major move higher for ICOG on heavy volume at the close. As the stock punches through old highs some of the 6% (4.2 million) share short interest should begin covering. If the overall market can hold steady, we think ICOG can reach $3.60 in the near term based on its chart.
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