Charles & Colvard, which continues to rebuild its business, now is trying to attract renewed attention from Wall Street.
The Morrisville-based maker of moissanite gemstones announced this morning it has hired RJ Falkner, an investment research and financial communications firm. Falkner works with companies "to broaden their exposure within the investment community and expand the level of interest among investment professionals."
Charles & Colvard fell out of favor in 2008 and 2009 as it lost money, replaced management and revamped its operations. Its shares tanked, closing as low as 19 cents two years ago. No Wall Street analysts currently follow the stock, according to Bloomberg data.
But CEO Randy McCullough, who joined the company last fall after a long career in the retail jewelry industry, has helped revive sales and boost the stock price.
Late Thursday, the company reported it made money for the third straight quarter, as sales rose to $3 million, up 40 percent from the same period last year.
On Friday, its shares surged nearly 20 percent to $2.23.
Persuading Wall Street analysts to cover the stock again could help boost the price even more.
But wooing analysts to a small company won't be easy, and will likely require further evidence of financial gains. Many analysts and money managers simply avoid small-capitalization stocks that trade for less than $5.