RE: I had too!!!!! - Below is a little excerpt from the Globe & Mail from October 2 / 2012 when the stock was at about $3.10
So what's gone wrong-----with all that heavy Analyst backing and Sprott and AGF in place---what happened . Have the 'shorts' got that much power and influence---are the nasty nay sayers on this board raining on your parade ( if only they had such influence )---have Sprott f****ked up again---is Hykawy another Ravi Sood????????? Hykawy looks like he has divine insight at the moment!!
All you really know is that you're getting bent over backwards --the price action is sending you a compelling message and you're all huddled under a blankket of fantasy outcomes---what a sad way to kiss off your dough!!!
Mining
Excitement over Orbite’s prospects has propelled the stock from as little as 14 cents a share in mid-2010 to around $3.10 now. The shares had a pop Tuesday, following the company’s announcement that it has designed a breakthrough that would chop 30 per cent from fossil fuel needs in its extraction process.
The soaring share price gives the fledgling company a market capitalization of more than $500-million, even though as a development-stage enterprise it has yet to report a profit and has only run demonstration projects up to now. An initial commercial-scale extraction plant – for producing high purity alumina – is under construction and expected to be running next year.
Most analysts are bullish. There are five buy recommendations on the stock, with price targets ranging from $8 to $15. The lone and doubting bear, Jonathan Hykawy of Byron Capital Markets, thinks the stock is only worth 90 cents at best, and rates it a sell.
In recent reports to clients, Mr. Hykawy has indicated he’s skeptical of claims Orbite has a breakthrough that is economically viable. In addition, it faces the daunting task of raising $500-million for the second major project it is proposing, a commercial-sized plant to produce smelter grade alumina for use at Quebec’s aluminum plants.
“We’re not sure in this environment that financing is going to be found easily, especially for the aluminum industry given that it’s over saturated and prices are in the dumper,” commented Mr. Hykawy, who tracks clean technology stocks at Byron.
After reviewing Orbite’s plans, Mr. Hykawy also contends it may experience difficulties dealing with some of the processes involving acids at its smelter-grade alumina plant.
As the only analyst holding negative views on the stock, Mr. Hykawy is taking some lumps. Orbite CEO Richard Boudreault said in an interview that Mr. Hykawy “doesn’t know anything,” when asked for comment on his claims that the technology may not work as well as the company expects.
Orbite has some high profile shareholders who are betting on the company’s breakthrough, including Sprott Asset Management and AGF Investments.