Why is AMTD Digital (HKD) stock rising today?

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Why is AMTD Digital (HKD) stock rising today?

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 Why is AMTD Digital (HKD) stock rising today?
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Highlights:

  • The HKD stock rallied more than 82 per cent on Thursday.
  • AMTD Digital had a market cap of about US$ 54 billion.
  • It gained about 64 per cent in one month.

The Hong Kong-based meme stock, AMTD Digital Inc. (NYSE: HKD), once again witnessed a frenzy of buying on Wednesday, September 14, while maintaining the same wave on Thursday.

The stock price of HKD was up more than 82 per cent in the morning trading on September 15, after closing at over 311 per cent higher in the prior session.

Intrigued market participants might be looking for any mysterious reasons that could have fuelled the recent rally of the stock. However, there is no apparent reason for these advancements in the stock. Maybe the discussions over the stock on social media could have bolstered gains for it.

AMTD Digital Inc. (HKD) and its mysterious rally:

The US-listed stock of AMTD Digital had been trending among traders lately, especially among retail investors, due to the highly volatile condition it witnessed in recent days.

The HKD stock soared as much as about 312 per cent on Wednesday while witnessing several trading halts in the session, due to highly volatile trading.

Its trading volume was about 1.5 million on Wednesday, representing a surge of about 5,500 per cent from its average volume for the last ten days.

Its last five-day average trading volume was 338,665, while in the last 30 days, its average volume was only 91,088. Comparing five-day and 30-day volumes, the change was 271.8 per cent.

The jump comes barely two months after its debut in the US market. The company went public on July 15, at a share price of US$ 7.80.

AMTD Digital Inc (HKD) financial highlights for fiscal 2022Source: ©Kalkine Media®; © Canva Creative Studio via Canva.com

Bottom line:

The HKD stock was priced at US$ 346.15 at 9:46 am ET on September 15, up 82.74 per cent from its previous close of US$ 189.42. Meanwhile, its closing price on September 13 was US$ 46.

At its current trading price, the market cap of the firm stood at US$ 53.98 billion.

However, despite the gains, the stock traded about 88 per cent down from its highest price of US$ 2,555.30 noted on August 2, 2022, since its IPO. On a week-to-date basis, the stock returned gains of about 387 per cent, while in the last 30 days, it soared about 64 per cent.

But traders should keep a close watch on the highly volatile trading of the HKD stock, before spending on it.

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