Yunhong CTI (NASDAQ:CTIB) stock is on the rise Tuesday despite a lack of news concerning the Chinese novelty balloon company.
The increase in price comes alongside incredibly heavy trading of CTIB stock. As of this writing, more than 154 million shares of the stock have traded. That’s a massive spike next to the company’s daily average trading volume of 540,000 shares.
So why exactly is CTIB stock up today? It looks like day traders are to thank for the stock’s spectacular gains today. There’s plenty of talk about it on social media as people tally up their profits made from boosting shares higher.
Here are just a few examples of Twitter users posting about the stock’s rise today.
$CTIB, that it for me, made about 2.1% on my account and I think I'm done for the day. Unless $CTIB really starts to set up nicely I will probably just watch and paper trade. pic.twitter.com/HFGIIWzI5b
— malik_h (@malikh80382367) February 23, 2021
— Jack Deacon (@TheDeacon10) February 23, 2021
— Trades by the Bell (TBTB) (@tradesbythebell) February 23, 2021
— LionTurtle (@LionTurtle3) February 23, 2021
— Tim Steiner (@invest_withtim) February 23, 2021
Day traders boosting up shares of Chinese stocks before jumping out with the profits is nothing new. More and more cases of this have been happening lately as these investors meet up in social media groups to plan out pump and dumps of stocks.
Keeping that in mind, investors will want to be careful before jumping into CTIB stock. Those that are wanting to know more about the company’s business are in luck. They can follow this link for a breakdown of the company.
CTIB stock was up 54.6% as of noon Tuesday and is up 104.5% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.