NCI sees stock bounce back
By
Nick Wakeman
Not even a month after it fired its controller for suspected embezzlement, NCI has seen its stock bounce back to levels higher than before the news was announced.
After announcing that it had fired its controller because they suspected him of embezzling $18 million, NCI Inc. saw its stock plummet.
That was Jan. 23 and NCI’s stock dropped nearly 10 percent from $13.95 on the Friday before to $12.65 on the Monday the news was announced.
The stock stayed at that level for nearly two weeks but then on Feb. 2 it started creeping up. And now, the stock is higher than it was before the announcement of the embezzlement.
On Friday, Feb. 10, the stock closed at $14.30 and was trading higher than that during the day on Monday.
That’s a very good number for NCI considering that their 52-week high is $15.31.
A look at investor filings and other news announcements from the company doesn’t indicate anything in particular that would have fueled a bounce. There have just been normal, run-of-the-mill news.
Most likely it is just investors getting over the shock of the news.