Summary
- UTime Limited debuted on the Nasdaq on April 6, 2021.
- The Chinese mobile manufacturer had raised US$ 15 million from the gross proceeds of the IPO.
- Currently, the UTME stock is plunging. Read this article to know more about the stock.
Stocks of UTime Limited (NASDAQ:UTME) plunged 72.6 per cent to end the trading session on Thursday, June 17. After a net loss of US$ 42.83, the UTME scrips closed at US$ 16.17 apiece.
Unlike most smartphone makers, this Chinese company does not aim at big spenders. It caters to the needs of budget customers in developing and low-income countries.
UTime is involved in manufacturing and selling devices and electronics products that are cost-effective. The Chinese manufacturer made its public debut on the Nasdaq stock market on April 6, 2021. It sold 3,750,000 shares in the initial public offering (IPO) for US$ 4 and raised US$ 15 million from gross proceeds.
Compared to the IPO offering, UTime stocks climbed by 875 per cent during the trading session on the day of its debut and closed at US$ 39 apiece.
Initially, the company attracted a lot of attention from the investors. However, it seems that the stock is now losing its shine.

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Should you invest in UTime Limited (NASDAQ:UTME) Stock?
Following the public debut, UTME stock skyrocketed, buoyed by discussions by retail investors on platforms like Reddit and Discord. Due to the Reddit rally, which started towards the end of 2020, prices of many lesser-known stocks catapulted to epic highs.
Earlier this year, stocks for companies like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) witnessed a massive surge in their share prices after retail investors started discussing them on Reddit.
UTME stock seems to be highly volatile. It scored a high of US$ 107.32 apiece on April 7, a day after its public debut, and ever since it’s been on a downward trajectory. The stock declined by 66 per cent month-to-date (MTD) and 63 per cent in the past week.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.