HOT Penny Stock! What’s Fueling CMGR’s Skyrocketing Share Price?

Posted by on Sep 03, 2010 | 3 comments

Shares of Camelot Entertainment Group Inc. (OTC: CMGR) are soaring in today’s trading. The penny stock reached a high of $0.15 in early trading, and at last check, it was up 113.33% to $0.128, with volume up from daily average of 343,000 to 10.58 million. In the last two trading sessions, the penny stock has seen a spectacular rally, gaining more than 5,000%. On Thursday, the penny stock closed 2207.69% higher on above average volume.

The penny stock has a 52-week range of $0.00-$74. It is currently trading above its 50-day and 200-day moving averages. Year-to-date, the penny stock is up a spectacular 60,150%.

The outrageous rally in the penny stock of Camelot began on Thursday, after the company announced the signing of a deal with ABC Family for its animated classic Puff the Magic Dragon. The company announced that ABC Family acquired the domestic rights and has scheduled to air the program as part of its annual 25 days of Christmas event.

Commenting on the development, Jeffrey Giles, vice president of Sales and Distribution of Camelot, said that the company is enthusiastic that ABC Family will be using Puff the Magic Dragon at one of its biggest programming events of the year.

Earlier on Tuesday, Camelot announced that its gross sales from its distribution activities continues to increase, primarily due to the recent acquisition of the Liberation film library and sales of new titles recently picked up the company.

The company said that since the beginning of this year it has generated $1,247,500 in total gross sales. August turned out to be the best month for the company in terms of sales. Commenting on the company’s performance, Jamie Thompson, president of Camelot Distribution Group, said that the company’s sales are growing steadily and as it continues to add new titles and generate sales from is library, sales are likely to continue to increase going forward.

Camelot Entertainment Group operates four business divisions; Camelot Film Group, Camelot Distribution and DarkKnight Pictures, Camelot Studio Group and Camelot Production Services Group.

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