Majesco Shares Soar After Strong Q1

A mere two days after reporting a big jump in revenue and sales, casual game  connoisseur Majesco Entertainment’s [COOL] share price broke the $1 barrier in morning trading for the first time since September 12, a more than 19 percent increase over yesterday’s close.

The surge in Majesco’s stock price comes a little more than six months after Majesco was warned by Nasdaq to get its share price at or above the minimum share price of $1. At the time, Majesco had a deadline of February 18 to get its share price back up.

However, Majesco got a reprieve from Nasdaq’s standard when the stock market temporarily suspended its minimum bid price requirement, according to a Majesco SEC filing. The Nasdaq suspension expires next month and Majesco needs to have a share price at or above $1 for 10 consecutive business days by August.

Majesco is one of a few companies that is turning a low cost structure into a decent profit by publishing casual games on popular platforms such as Wii and DS. These casual games typically sell for a maximum of $30, representing a value in consumers’ eyes.