Majesco Entertainment Turns Around In Weak Market

Majesco Entertainment Co. COOL shares have turned around in a sharply weaker market, indicating shares may run sharply once the market turns around. At last check, shares were trading at $4.09, up 8 cents, or 2%. Shares had touched a low of $3.77 earlier in the session, but have since retraced all those losses, and are now solidly positive. The move is on strong volume as well, 1.7 million shares. Moves made on stronger than average volume generally indicate that institutional investors are getting into the stock, and are less likely to show weakness on any pullbacks in the name. The $160 million market cap company, which provides interactive entertainment products primarily in the United States and Europe, has often been on a high volume list, due to its cheap share price, and attractive fundamentals. The company, according to Yahoo Finance, is only trading at 10 times forward earnings, and has been growing revenues and earnings per share well north of 60% per year. For a company to trade at only 10 times forward earnings, and grow that fast, it is a steal, and it looks as if traders are seeing the same thing today, bucking the trend.