NF Energy Saving’s stock soars over 500% on very heavy volume

Shares of NF Energy Saving Corp.
soared more than 6-fold on very heavy volume in afternoon trading Monday, to pace all Nasdaq gainers, and has now run up nearly 9-fold in three days. The rally started on Thursday, when the stock rose 15% on volume of about 81,700 shares, after the China-based provider of energy conservation solutions said it engaged Dragon Gate Investment Partners to lead an investor relations program. The stock then rose 20.3% on Friday on volume of about 54,900 shares. On Monday, the stock rocketed 525% on volume of 20.2 million shares, compared with the full-day average of 30,500 shares, to put it on track for a 9-month high. The company said earlier that it completed the acquisition of China-based pharmacy chain Boqi Zhengji Pharmacy Chain Co. Prior to the announcements, short interest, or bearish bets, totaled about 151,640 shares, or 8.3% of the tradeable stock outstanding. The stock has still slumped 41.2% year to date, while the S&P 500
has gained 18.5%.

View more information:

Articles in category: moneyist
See also  J.C. Penney launches new women's brand, Stylus

Leave a Reply

Back to top button