Takung Art Co. (NYSEAMERICAN:TKAT) stock is on the rise Thursday despite a lack of news from the company.
Even without news, shares of TKAT stock are seeing massive trading today. As of this writing, more than 15 million shares of the stock have changed hands. That’s a major spike compared to its daily average trading volume of only about 72,000 shares.
Keeping that in mind, let’s take a look at Takung Art Co. and what it’s all about.
- Takung Art Co. is a company that allows art collectors to purchase oriental art through its services.
- That includes letting collectors acquire full pieces for themselves, or joining others for partial ownership over pieces.
- Among its collection are “paintings, calligraphies, jewelry and precious gems.”
- The company claims that its service lets collectors take part in the Asian art trade without fear of price gouging or forgeries.
- Takung Art Co. collects various forms of revenue from its services.
- That includes revenue from “listing fees, trading commissions, management fees and authorized agent fees.”
- The company notes that the majority of its traders are located in mainland China.
- However, it’s expanding its services to new areas, including Russia, Mongolia, Australia, and New Zealand.
- Interestingly enough, the company appears identical to Oriental Culture Holding LTD (NASDAQ:OCG).
- That company just announced plans for an IPO yesterday with 5,065,000 shares of OCG stock priced at $4 each.
- While the connection between these two companies is currently unclear, it’s likely the IPO news is behind the interest in TKAT stock today.
TKAT stock was up 44.3% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.