HKD Stock surged a massive 311% on Wednesday when the stock moved from the open of $46.01 to a close of $189.42.
AMTD Digital Inc. had skyrocketed from $13.54 to more than $2.5K in only a matter of two weeks when it peaked in August.
Sources say the stock was halted 11 times on Wednesday due to its volatility.
The Hong Kong-based financial services firm has soared more than 32,000% following its IPO in July.
And heavy buying volume seems to be triggering these massive moves.
Is there something retail can learn from this?
Let’s discuss it.
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Volume rises by more than 5,500%
HKD stock’s volume rose by more than 5,500% its daily average volume of 377K when it reached 1.5 million on Wednesday.
AMTD Digital Inc. grew nearly $27 billion in market value.
The company has approximately 187.44 million shares outstanding, significantly less than that of GameStop’s (304m) and AMC Entertainment’s (516m).
Interestingly enough, pre-IPO shareholders, directors and executive officers are subject to a lockup agreement that prevents them from selling shares until January, according to the July 15 prospectus.
AMTD Digital’s shares were also among the most actively traded stocks on the Fidelity platform on Wednesday.
Will the stock keep rising?
I’d love to hear your thoughts down below.
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