AMTD Digital is the latest firm whose shares have been fueled by irrationally exuberant investors. Sure, the air has come out of most of the hype – but it was still worth it, says TheRealLSL:
AMTD’s executives will be hoping for a similar outcome. After more than doubling again on Tuesday, its shares now trade more than 215 times higher than when they listed on the New York Stock Exchange less than three weeks ago. Parent AMTD Idea has been riding its subsidiary’s coattails for the past few days, jumping roughly five-fold since late last week. There’s no logical business reason for such a performance.
In the end, it might not matter. While AMC’s stock price is down more than 70% from its high, at almost $17 a share it is still more than double its pre-pandemic value. Shares of Microstrategy, the analytics company which bought almost 130,000 bitcoin at of nearly $31,000, now worth a quarter less, have benefitted a similar amount start-to-finish. GameStop, effectively a penny stock pre-pandemic, trades at around $35 a share.Robinhood Markets might appear to be a loser: The trading platform that partly enabled these stock crazes said on Tuesday it was laying off more
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