Qutoutiao (NASDAQ:QTT) stock is on the rise Thursday despite a lack of news concerning the Chinese mobile content app company.
The jump in price for QTT stock comes alongside heavy trading of the shares. As of this writing, more than 18 million shares have changed hands. To put that in perspective, the stock’s daily average trading volume is only 2.13 million shares.
While it’s unclear what has QTT stock up today, investors are clearly taking an interest in the company. With that in mind, here’s a quick overview of what it’s all about.
- Qutoutiao operates the mobile content app of the same name in China.
- This app acts as both a social media website and a source of entertainment for users.
- Users of the app each have unique feeds that present them with videos, articles, and other content aggregated from other sources.
- The company specifically focuses on users from lower-tier cities in China.
- It does so because these users spend more time online due to a lack of offline entertainment available to them.
- One of its largest products in Mindu, an app that allows free online reading supported by ads.
- Qutoutiao notes that it’s also working to develop other similar entertainment sources, such as a video platform.
- The app also has a loyalty system that rewards users with points for recommendations and media consumption.
- Qutoutiao notes that this system boosts retention and allows it to better track user engagement.
QTT stock was up 27.2% 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.