Mmtec, Inc (NASDAQ:MTC) is soaring higher on Wednesday despite a lack of news about the company.
The surge in MTC stock comes alongside heavy trading in the early hours of the day. As of this morning, more than 64 million shares of the stock have changed hands. For comparison, Mmtec’s average daily trading volume is just 1.19 million shares.
With MTC stock soaring higher today it has no doubt caught the interest of investors. Here’s a quick primer on Mmtec to help out traders eyeing the stock.
- Mmtec is a company based out of China that serves local hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms.
- Its business has it assisting these companies as they look to spread their offerings to the U.S.
- This has it handling fund establishment, issuance, custody, transaction, and settlement for the companies.
- Mmtec does this through its subsidiaries.
- Gujia(Beijing) Technology Co. handles the trading platform, market connectivity, and data services business.
- MM Trading LTD is behind the brokerage services that the financial company offers.
- Mmtec notes that its current goal is to further expand its international business and improve the speed at which is gets Chinese companies set up in the U.S.
- The company is still incredibly young, having only been founded in April 2018.
- It’s also fairly new to the public market with its initial public offering (IPO) only taking place early last year.
MTC stock was up 81.8% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.