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AMTD Digital stock surges 21,000% to overtake Costco thanks to Reddit ‘meme stock’ on WallStreetBets forum

New York – Reddit’s retail army is back.

A little-known Hong Kong-based company appears to be the latest obsession of traders on popular Reddit forum WallStreetBets, with its stock soaring 21,000% since its IPO less than a month ago. .

AMTD Digital’s stock has soared nearly 3,000% over the past week, up 126% on Tuesday alone.

The company went public on the New York Stock Exchange on July 15, trading at $7.80 per share. Since then, the price has jumped him to $1,679.

AMTD Digital is a financial services start-up listed on the New York Stock Exchange under the ticker symbol “HKD”. The company is a division of AMTD Idea Group, an investment bank based in Hong Kong and also listed in New York and Singapore. The unit was founded in 2019 and offers fintech services in Asia, including a virtual bank called Airstar.

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According to AMTD Digital, revenue was just over $25 million last year. Submissions to regulatory authoritiesStill, its market capitalization is over $310 billion this week, surpassing Shell and Costco and approaching Walmart and Exxon in size.

Even the company was struggling with the sudden surge.

“To our knowledge, there have been no material circumstances, events or other issues related to our business and operations since the IPO date,” the company said. statement Tuesday.

Its parent company also benefits from mania. AMTD Idea Group became the number one trading company on Fidelity’s platform on Tuesday, with its shares soaring nearly 237% in New York.

The frenzy is reminiscent of January 2021 when GameStop and AMC stocks shot up. Both made historic gains after getting what a private investor in the WallStreetBets subreddit considered an undervalued stock in the company.

2021 and beyond: AMC’s stock surged more than 120% to an all-time high.

One forum user pointed out the similarities on Wednesday and asked if this was “another GameStop AMC situation.”

“Where did AMTD Digital come from?” they wrote. “What did I miss?”

There didn’t seem to be any concrete reason for the rally, but it appears to be nothing more than online users clamoring for stocks over the past few days.

It worked: The company was one of Fidelity’s most-traded stocks on Tuesday, according to the investment firm.

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AMTD Digital stock surges 21,000% to overtake Costco thanks to Reddit ‘meme stock’ on WallStreetBets forum

Source link AMTD Digital stock surges 21,000% to overtake Costco thanks to Reddit ‘meme stock’ on WallStreetBets forum

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