AMTD Digital’s (HKD) stock was halted for volatility after continuing to go parabolic on Thursday. American depository shares of the Hong Kong-based fintech company were up 90% during the session, after closing a record 312% higher on Wednesday.
The stock was caught in a meme-like frenzy shortly following its public debut on the NYSE in July. At one point it was up more than 4,000% over a one-month-basis reaching $1,400 per ADR.
On August 2, the company issued a news release saying thank you to investors for taking the stock higher, but gave no explanation for the surge. AMTD Digital briefly reached a market cap of over $400 billion last month before coming back down to earth.
A small float makes HKD a prime candidate for volatility, as noted by Citron Research in early August.
Thursday’s market cap was just above $62 billion on Thursday. AMTD Digital had $25 million in revenue in its fiscal year ending April 2021.
On Thursday the fintech company’s stock was # 2 on Yahoo Finance’s trending ticker page.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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Source: https://finance.yahoo.com/news/amtd-digitals-stock-goes-parabolic-halted-for-volatility-161606848.html