PokerTek Shares Take a Dive but Still up Big (PTEK)

PokerTek, Inc. (NASDAQ:PTEK) shares are down 16% today on 2x the daily average volume and got as low as $1.02 this morning.  However considering PokerTek has gone from 45 cents to $1.56 in just 30 days and is up 124% despite today's pullback, the big news is shares are now over $1 and won't be delisted.

Speculators are placing their bets that PokerTek's Q1 2010 earnings call next Tuesday, May 4th is worth building a position before all the cards are laid on the table.  According to shortsqueeze.com, only 8% of PokerTek's float is short.  This stock has come back from the dead in a hurry, its now over 33% from its 200-day moving average and up 44% from its 50-day moving average.

Helping to keep PokerTek Inc. shares above $1 is the recent news that the company has begun distributing its Heads-Up Challenge poker tables in South Africa.  PokerTek has already shipped 82 units, based on initial orders, and it anticipates continued growth in the region. This is the first time Heads-Up Challenge has been placed in the country.  The two-seat tables allow players to compete in games of Texas Hold ’Em and Bocce for amusement only. The tables are typically placed in bars and pubs.

PokerTek (NASDAQ:PTEK) is a software-development company that also markets electronic tables for up to 10 players of Texas Hold ’Em. The company’s PokerPro system deals cards, displays them on private screens to the players and provides general information on a large screen in the center of the table. It also enables customers to set up accounts for betting and keeps statistical information on the games. The system is designed to boost casino revenue by increasing the number of hands per hour and reducing poker rooms’ labor costs.

Best of luck to those playing the earnings call next week, should PokerTek land that river card, this stock could hold its gains and then some.

SOURCE: http://www.bizjournals.com/charlotte/stories/2010/04/19/daily48.html