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What Is Going on With AMTD Digital (HKD) Stock Today?

  • AMTD (HKD) stock is soaring for a second straight day.
  • Since no major news about the company was reported, it appears that HKD stock has become a meme name.
  • Fellow meme stocks GameStop (GME) and AMC Entertainment  (AMC) are also on the move today.
HKD stock - What Is Going on With AMTD Digital (HKD) Stock Today?

Source: Poetra.RH / Shutterstock.com

AMTD Digital (NYSE:HKD) stock is climbing over 18% in early trading after advancing 35% yesterday.

Trading in the shares was paused twice yesterday morning due to volatility. Since no company-specific news that would explain the stock’s volatility has been reported, it appears that HKD has become a meme stock.

Meme Stocks Are Rebounding Slightly

Multiple other meme stocks are climbing a little again today. For example, GameStop (NYSE:GME) stock, which rose 1% yesterday, is up 3.3% today, while AMC Entertainment (NYSE:AMC) is adding 1% and Ocugen (NASDAQ:OCGN) has been fluctuating between red and green on its price chart this morning.

Perhaps some retail investors believe that the retreat of meme stocks is finally coming to an end, and they are “bottom fishing.” In other words, they are looking to buy meme stocks on weakness after many of them tumbled tremendously this year.

GME is down 32% this year, while AMC has tumbled 63% and OCGN has sunk 64%.

Background on HKD Stock

Hong Kong-based AMTD Digital is a “financial services incubator.” In other words, it supports early-stage fintech companies with investments, introductions to other potential partners, and “other resources.” AMTD is then paid by the start-ups with which it works.

AMTD Group (NYSE:AMTD), which is also based in Hong Kong, owns a majority stake in AMTD Digital. The latter company was founded in 2019. For its part, AMTD Group is an investment bank with a market capitalization of $455 million.

In fiscal 2022, which ended in April, AMTD Digital generated nearly $197 million of revenue, versus nearly $196 million in FY21. Last year, the company reported EBIT of $85.5 million, down from $129.4 million in FY21.

On the date of publication, Larry Ramer 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.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/what-is-going-on-with-amtd-digital-hkd-stock-today-3/.

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