Today, one stock that’s absolutely skyrocketing is SGOCO Group (NASDAQ:SGOC). Indeed, the more-than-500% move today in SGOC stock is bewildering to many.
Indeed, social media sentiment on SGOC stock is unclear. Retail investors seem to be unsure as to why this stock is moving so quickly. Whether it’s momentum traders piling into this name in a big way or retail investors believing a squeeze is possible with this stock remains questionable. Indeed, SCOGO’s short interest level around 8% doesn’t suggest there’s necessarily the fundamentals for a squeeze present. However, data from Fintel shows a short volume ratio above 25%.
Today’s move has now approached 550% as I write this. Yesterday’s close came in at $2.58, and today, this stock has breached $15.70.
Indeed, this is a stock with tremendous momentum right now. Accordingly, investors looking at this high-flying stock may be wondering what exactly SGOCO does. Let’s dive into a few things investors may want to know about this company.
What Investors May Want to Know About SGOC Stock
- SGOCO is a conglomerate of various Hong Kong-based businesses.
- These businesses focus on virtual reality, energy saving technologies, mortgage lending, property investment, and other growth segments in the market.
- The company’s focus is on building an ecosystem creating sustainable growth and value to shareholders.
- Given the volatility in Chinese stocks of late, today’s rebound could be one driver underpinning SGOC stock’s rise.
- Retail investors appear to be betting on the momentum trade with SGOC stock today, given its relatively low float.
- Even after today’s rally, SCOGO still only carries a market capitalization of $1.5 billion.
- Accordingly, this is a stock that has the potential to see outsized interest for some time.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
