HKD stock squeezes from $13.54 per share to a whopping $2,521.72 per share in just two weeks.
The stock traded a low of $13.54 on July 19th, gradually growing in the coming weeks leading up to today’s massive price runup.
Brokers halted HKD where it stopped trading around $2,200.01 per share and then again at $1,800 per share.
The SEC then intervened and suspended the stock, something that happens due to serious concerns about the activity of a company’s stock, operation, or other financial information.
What is HKD stock and why did it have this incredible squeeze?
Let’s discuss it down below.
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What is HKD stock?
AMTD Digital, Inc., also known as HKD stock, was founded in 2019 and is headquartered in Singapore.
AMTD Digital is the integrated digital solutions platform of AMTD Group, an Asian financial services centric conglomerate, per Crunchbase.
Headquartered in Singapore, AMTD Digital strives to build a one-stop, comprehensive, cross-market, innovative digital financial services platform.
AMTD Digital aims to leverage its scarce and comprehensive digital financial licenses and offer integrated digital banking, digital insurance, digital asset exchange, digital payments and remittance, and other digital licensed businesses across Southeast Asia and in the Greater Bay Area.
HKD stock caught the attention of investors after share prices soared to extreme levels in only a matter of weeks.
The stock is currently halted and suspended by the SEC as they investigate the price surge.
HKD stock IPO date
HKD Stock joined the stock market on Friday, July 15th where it more than doubled its IPO price.
AMTD Digital soared +142.59% out of the gate despite Friday’s volatile trading day.
The company had only raised $124.8 million through its initial public offering.
Its market cap soared past $407 billion in just two weeks since its IPO date.
Why did HKD stock go up?
AMTD Digital has a low share float of just 19 million shares.
That means when there’s overwhelming demand for the stock, and there are few sellers, the stock price goes vertical.
According to data from Fidelity, Tuesday’s top traded stock among its customer base was AMTD Idea Group.
Business insider says it looks like buying has been from retail, but I highly doubt that as Reddit forums have investors questioning why no one caught this.
If I were to take a guess, it was an institutional pump and dump.
I’d love to learn what you think.
Leave your thoughts in the comment section of the blog down below.