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


Shares of NF Energy Saving Corp.
BIMI,
+1.52%
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
SPX,
+0.88%
has gained 18.5%.


View more information: https://www.marketwatch.com/story/nf-energy-savings-stock-soars-over-500-on-very-heavy-volume-2019-10-14

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