Fangdd or FANG? China Real Estate Firm Adds 395% in Mystery Move

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Maybe it was another case of mistaken identity, or just Pavlovian enthusiasm on a day when the FANG stocks were powering up. Whatever the reason, a company called Fangdd just jumped fivefold without any news to explain it.

Fangdd Network Group Ltd., a Shenzen, China-based real estate firm that trades in the U.S. under the ticker DUO, nearly quintupled on Tuesday, jumping 395% to close at $47.06 per American depository receipt after starting the day at $10.

The stock touched as high as $129.04 — an advance of more than 1,200% — before prompting a trading halt that paused the stock for an hour. The momentum continued after the bell, lifting shares an additional 34%.

It’s unclear what sparked the runaway rally, which occurred in a week that’s already seen high volatility chalked up to factors from retail investors bidding up bankrupt stocks to short covering or just a fear of missing out. The Fangdd move triggered at least 14 halts for volatility throughout the day. More than 200,000 shares traded hands, about 50 times its average volume in the first five months of the year.

Meanwhile, a basket of FANG stocksthat includes Facebook, Apple, Netflix and Google parent Alphabet, added just 1.2% Tuesday.

This article was originally posted on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Oprah Winfrey Will Wins an Oscar for “Oz”

Oprah Winfrey Will Wins an Oscar for "Oz"Oprah Winfrey is considered by many to be one of the greatest women in the world....

Hertz Rally Powers Plan to Sell Potentially ‘Worthless’ Stock

Hertz Global Holdings Inc., whose stock appears destined to be wiped out when its bankruptcy case is finished, wants to sell $1 billion more...

Netflix – How to Use It

If you are in the process of switching to Netflix as your source for TV shows and movies, it is important that you know...

Sabre Corporation- Is Protected and Safe

For over two decades, Sabre Corporation has been a leader in the design and manufacturing of protective gear for individuals and businesses. From full-body...

Oil Prices Crash Towards $20 Despite Historic Cuts

OPEC+ agreed to the largest oil production cuts in history on Thursday, but oil prices crashed towards $20 as markets decided that a 10...
Home of Science
Follow me