Investors may want to keep an eye on AMTD IDEA Group (AMTD).
Over the last few days, the stock rocketed from about $1 to $8.65 on big volume.
Today, for example, volume is up to 193 million shares, as compared to daily average volume of 1.7 million. However, even the company is unable to explain its skyrocketing share price.
In a company letter found here, AMTD wrote:
During the period since our initial public offering, the Company noted significant volatility in our ADS price and, also observed some very active trading volume. To our knowledge, there are no material circumstances, events nor other matters relating to our Company’s business and operating activities since the IPO date. The Company is also monitoring the market closely for any unusual trading activities or abnormalities, and would continue to maintain our communication channel wide-open to the public.
Going along for the ride, AMTD subsidiary, AMTD Digital (HKD) is up 238%, or $1,409.69 a share to $2,000. At the moment, HKD carries a valuation of $344.18 billion. It’s also trading at 351.33x book value, with a P/E of 4,180. That’s insane.