Volatility in OMNT stock has ramped up considerably amid not only the news of the uplisting, but of a chunky Form-4 (insider transaction) buy that has been filed recently alluding to a big purchase by management.
On the heels of these latest developments, shares in Ominto Inc (OTCMKTS:OMNT) have continued to rise exponentially. In 2017 alone, OMNT has traded up from lows in the 3.30’s to impressive highs above $20 a share, and volume has picked up in a big way as well.
About Ominto, Inc.
Ominto, Inc. is in global ecommerce, specifically online Cash Back shopping, delivering value-based shopping and travel deals through its shopping website and Partner sites. At the company’s primary brand DubLi.com or at Partner sites powered by Ominto.com, consumers shop at their favorite stores, save with the best coupons and deals, and earn Cash Back with each purchase. The Ominto technology platform features thousands of brand name stores and industry-leading travel companies from around the world, providing Cash Back to consumers in more than 120 countries. The Ominto Partner Program offers a customized co-branded version of the Ominto.com shopping and travel platform to businesses and non-profits, providing them with a professional web presence that builds brand loyalty with their members, customers or constituents while earning commission for the organization and Cash Back for shoppers on each transaction.
OMNT to Be Quoted on the NASDAQ
On the vital move to the NASDAQ, the company’s CEO Michael Hansen had this to say: “Our listing on NASDAQ is a major corporate milestone for our company and a testament to the significant progress we have made over the past few years. We believe that listing on NASDAQ will help broaden our shareholder base, increase appeal to institutional investors, provide us with better liquidity and ultimately contribute to increasing shareholder value. We look forward to our listing day and are excited about the next chapter of our company’s development.” (Source: Business Wire)
Notable Insider Transaction – Form-4 Submitted By CEO
Last week, CEO Michael Hansen also submitted a Form-4 filing outlining a huge purchase of OMNT shares. Mr. Hansen beneficially acquired 300,000 shares of OMNT stock at an exercise price of 6.90 per share, a total value of $2,070,000 at the time of purchase. The vote of confidence was a precursor of
things to come, as Mr. Hansen’s position value has subsequently increased multiple times over since the transaction was filed. (Source: EDGAR Filing)
The bad news for investors is that the major run for OMNT has already occurred, and it may take some time for share price to normalize following a big run-up on the charts. However, the company appears to be ready to take the next step in its development, so the long-term effects of that could certainly be a continued increase in valuation for OMNT. There should also be a fair bit of attention focused upon the stock from new investors who don’t dabble in OTC-traded securities. The move up to the NASDAQ is a one that is calculated by the company to help it to continue actively pursuing its objectives. We’re going to want to stay tuned into the story on OMNT as it unfolds. Stick with us here on Street Register and stay up to date on all things OMNT by signing up for our 100% free stock newsletter. Signup is really easy. Just enter your primary active email address into the box below and hit Subscribe Now!