Takung Art Co. (NYSEAMERICAN:TKAT) stock is on the rise Thursday despite a lack of news from the company.
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Even without news, shares of TKAT stock are seeing massive trading today. As of this writing, more than 15 million shares of the stock have changed hands. That’s a major spike compared to its daily average trading volume of only about 72,000 shares.
Keeping that in mind, let’s take a look at Takung Art Co. and what it’s all about.
- Takung Art Co. is a company that allows art collectors to purchase oriental art through its services.
- That includes letting collectors acquire full pieces for themselves, or joining others for partial ownership over pieces.
- Among its collection are “paintings, calligraphies, jewelry and precious gems.”
- The company claims that its service lets collectors take part in the Asian art trade without fear of price gouging or forgeries.
- Takung Art Co. collects various forms of revenue from its services.
- That includes revenue from “listing fees, trading commissions, management fees and authorized agent fees.”
- The company notes that the majority of its traders are located in mainland China.
- However, it’s expanding its services to new areas, including Russia, Mongolia, Australia, and New Zealand.
- Interestingly enough, the company appears identical to Oriental Culture Holding LTD (NASDAQ:OCG).
- That company just announced plans for an IPO yesterday with 5,065,000 shares of OCG stock priced at $4 each.
- While the connection between these two companies is currently unclear, it’s likely the IPO news is behind the interest in TKAT stock today.
TKAT stock was up 44.3% 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.
