Home Business AMTD Digital’s stock goes parabolic, halted for volatility

AMTD Digital’s stock goes parabolic, halted for volatility

AMTD Digital’s stock goes parabolic, halted for volatility

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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