Ocz Technology (OCZ) Rebounds As Analyst Defends the Free-Falling Stock
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Price: $0.05 --0%
Rating Summary:
5 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Shares of Ocz Technology Group Inc. (NYSE: OCZ) are under heavy pressure, but well off the lows, after an analyst ran to defend the maker of solid state drives following negative accusations.
In a report this morning from Copperfield Research, the firm suggested there may be a sinister side to Ocz Technology Group, a stock that is up 350 percent since last summer.
"It is our opinion that OCZ has misrepresented its SSD growth and has financial irregularity that are nearly impossible to reconcile," Copperfield stated. "We believe that some form of a restatement may be required and that the auditors tick and tie review has some substantial inconsistencies. As such, we have sent our findings to the Securities and Exchange Commission asking for clarification on the multiple sets of numbers we have uncovered."
Stifel Nicolas, a sell-side firm that launched coverage of the stock on Tuesday said the company's solid state drive revenue growth is not overstated. The firm stated that the 10-Q has incorrect table "mistype" on SSD vs memory, citing talks with with CEO, CFO. The firm maintained their Buy rating and $13 price target.
Shares of Ocz Technology are down 16 percent after trading down more than 30 percent earlier in the session.
In a report this morning from Copperfield Research, the firm suggested there may be a sinister side to Ocz Technology Group, a stock that is up 350 percent since last summer.
"It is our opinion that OCZ has misrepresented its SSD growth and has financial irregularity that are nearly impossible to reconcile," Copperfield stated. "We believe that some form of a restatement may be required and that the auditors tick and tie review has some substantial inconsistencies. As such, we have sent our findings to the Securities and Exchange Commission asking for clarification on the multiple sets of numbers we have uncovered."
Stifel Nicolas, a sell-side firm that launched coverage of the stock on Tuesday said the company's solid state drive revenue growth is not overstated. The firm stated that the 10-Q has incorrect table "mistype" on SSD vs memory, citing talks with with CEO, CFO. The firm maintained their Buy rating and $13 price target.
Shares of Ocz Technology are down 16 percent after trading down more than 30 percent earlier in the session.
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