$HKD AMTD Digital Inc. Greatest IPO Ever?
Who doesn't love a good mystery? Especially when it is in a field you're passionate about.
AMTD Digital was listed on the NYSE on July 15 at around $7.80 a share. Current price: $1,679 a share!
This is a Chinese company with $25.1M in revenue in 2021 that markets itself as the digital one-stop shop for all your digital needs.
AMTD has a current market cap of over $139B (B stands for billion not million). That is greater than $PYPL by more than $30M.
PayPal's revenue in 2021 $25,371M
AMTD's revenue in 2021 $25M
The mystery is how on earth did this happen!? It was even trading higher than $WMT at one point yesterday. To add to the mystery the trading volume has been relatively low for the gigantic moves this stock has seen in the past few days.
After doing some deep dives (I read about three articles), I couldn't learn a single thing about why this has happened. The company's own CEO has no idea as well. No news to break, no new updates, they seem puzzled by this. They did say they noticed some "active trading" around their stock. What on earth do they mean by active trading?
Please let me know in the comments below if you have ANY idea what is going on here. I will even take the best guess at this point.
Looking forward to solving this mystery!
P.S. stock is up 2% pre-market...I wouldn't buy this stock in a billion years at this price. Please don't speculate on this one!
I can’t find a chart that has it going any higher than $12?
Now we have a real mystery on our hands lol
This article appears to be pointing to Wallstreetbets forum on Reddit as the culprit. Can anyone confirm this is the case?
@conorvalue to make the mystery even more puzzling Wallstreetbets forum seems to not know they started this when major news organizations are giving them credit for it.
That definitely sounds like something a bunch of Reddit investor’s would do.
I’m not sure how they have 70% gross margins and 90% net margins. All the year-over-year growth rates (listed on Seeking Alpha) are double digit negatives. This is why momentum trading blows my freaking mind. Are people even looking at what they’re buying or are they just playing hot potato? I don’t really know how that game works.