Networks Electronic Stock Jumps From $3.88 to $6.75
The stock price of Networks Electronic Corp. has soared in the last month from $3.88 to $6.75 on Monday. Mihai Patrichi, president of the Chatsworth maker of bearings and explosive devices, refused to comment on the increase.
Analysts and company board members said they were unaware of any reason for the increase in price. According to the computer trading service of InvestNet in Coral Gables, Fla., none of the company’s executives or largest shareholders have been buying or selling the stock.
For the six months ended Dec. 31, Networks reported a profit of $314,015 compared to $321,567 in the same period a year earlier. Revenue was up slightly to $3.8 million from $3.6 million a year ago.