AMTD Digital (NYSE:HKD) stock is on the move again Thursday as it continues recent volatility following its initial public offering (IPO) on July 15.
HKD continues to be an unstable stock, with traders pumping shares higher before a fall, then repeating the process. The best example of this? Its mysterious increase at the start of August. That saw shares peak at a close of $1,679 per share before quickly dropping back down to more reasonable levels.
Since then, shares of HKD stock have continued a steady decline that had them trading at $119 when markets closed on Wednesday. However, a quick burst in price saw shares reach about $176 per share in early morning trading today. HKD couldn’t keep that momentum going and is sitting at about $115 as of this writing.
What’s Behind HKD Stock’s Recent Movement?
The rise in value for HKD stock today likely comes from AMTD Digital’s latest earnings report. This saw the company bring in solid results for full-year 2022, with a 17% year-over-year (YOY) increase in net profit after tax. The company also maintained its balance sheet at $396 million.
Strangely enough, the latest movement from HKD stock comes without heavy trading. Only about 43,000 shares have changed hands as of this writing. That’s well below the financial company’s daily average trading volume of about 463,000 shares.
HKD stock is up about 5% as of Thursday afternoon and up more than 600% since its IPO.
Investors looking for more recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock news traders need to know about for Thursday! Among that is what has shares of chip stocks dropping, what has Polestar (NASDAQ:PSNY) stock falling and mortgage rate talks. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (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.