Here’s Why the Pintec Technology (PT) Stock Price Soared 53.3% Despite a Lack of News

Simon Mugo
Updated: 10 Mar 2022

Key points:

  • Pintec Technology’s (PT) stock price soared 53.3% today despite no news.
  • The Chinese fintech company offers multiple financial services to businesses.
  • PT shares look attractive at current prices, and the recent rally is great.

The Pintec Technology Holdings Ltd – ADR (NASDAQ: PT) stock price soared 53.3% today despite the lack of announcements from the Chinese fintech company that serves corporate clients.

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The company’s shares had experienced a wave of buying pressure since yesterday when it closed up 13.6%. While the exact driver behind the rally is unclear, the recent rally could benefit the company significantly if it persists.

Also read: The Best Financial Stocks to Buy Right Now.

Pintec Technology provides financing solutions to other businesses in SME Loans, Corporate Loans, Installment Loans and Personal Loans. The company also provides services such as operating Financial RPA centres of excellence on behalf of clients.

The fintech company also offers Robo-advisory services to over 70 funds. The services are based on Renmimbi-denominated assets while offering over 4,000 services to 290,000+ retail clients having processed transactions worth over 8.4 billion Renmimbi.

The above are just some of the services offered by Pintec Technology Holdings, indicating that the company has significant long-term potential given the uncertain business environment created by the COVID-19 pandemic.

Pintec also operates a fund supermarket, a trading system for public fund products. Therefore, the recent interest among investors in the company may be warranted given the strong suit of products it offers in its home market.

Over 7.32 million PT shares had changed hands at writing as investors bought the Chinese fintech company’s shares, and I would not fault them.

PT shares look pretty attractive at current prices, given that it has a market capitalisation of 420.68 million based on Wednesday’s closing price. The recent rally also means that the company’s shares could easily break above the $1 mark.

Pintec Technology shares last traded above the $1 mark on 23-24 January 2022 before falling back down, and its current trading price does not meet Nasdaq’s listing requirements.

Investors hope that the recent rally will push PT shares back above the $1 mark. Meanwhile, those interested in buying the shares should know that they have traded as high as $15 in the past on the day they were listed on the Nasdaq on October 25, 2018.

*This is not investment advice. Always do your due diligence before making investment decisions.

Pintec Technology stock price.

Pintec Technology stock price 10-03-2022
Source: Tradingview

Pintec Technology’s stock price soared 53.32% to trade at $0.7318, rising from Wednesday’s closing price of $0.4773.

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