The Lion Group Holding Ltd – ADR (NASDAQ: LGHL) stock price soared 90.6% despite the lack of news from the professional investment platform. The last significant announcement from the company was in January when it filed a $200 million mixed securities shelf.
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A brief look at the company’s website leaves us with more questions than answers since the press releases date back to March 2022, over a year ago, indicating that the news has long gone stale.Â
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Therefore, with little to go on, we have no choice but to attribute the latest rally in Lion Group Holding (LGHL) shares to investor sentiment, given the large number of shares that had changed hands by the time of writing. Over 11.99 million LGHL shares had changed hands at writing.
The high investor interest in the company triggered the latest rally in Lion Group Holding (LGHL) shares as millions of shares changed hands. However, as a prudent investor, investing in a company without a solid fundamental reason is never a good idea unless you are a day trader.
The lack of news releases around Lion Group Holding makes buying the stock speculation at best, or a blind gable at best and as such, value investors should stay away from the stock. However, day traders may find the stock very attractive.
Digging deeper into the company, it claims to be an investment platform and a developer of SPAC sponsorships, NFTs and Metaverse-related initiatives. The firm describes itself as disruptive, compliant and innovative.
The last significant announcement from the company was the award of a Singapore trading license, which expanded its presence in South East Asia. The award was in March 2022, after which there are no further notices from the company based on its website.
Other previous news releases from Lion Group Holding included successful blind box sales and its NFT language project MetaWords passing the CertiK audit. However, all these news releases are from over a year ago.
Today’s rally in LGHL stock was driven by retail investor interest in the company.
*This is not investment advice.
Lion Group Holding (LGHL) stock price.
Lion Group Holding (LGHL) stock price soared 90.64% to trade at $0.2383, from Monday’s closing price of $0.1250.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
