Why SGOCO Group Stock Skyrocketed in premarket trading

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Why SGOCO Group Stock Skyrocketed in premarket trading

Motley Fool2021-07-19

The Chinese fintech company is back in compliance with the Nasdaq's listing requirements, giving traders a reason to cheer. What happened Shares of SGOCO Group(NASDAQ:$(SGOC)$) have skyrocketed in ...

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Ohwaikin
·2021-07-19
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dception
·2021-07-19
Loke
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- Abcdefgg:
  Great
  2021-07-19
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MrMrsBean
·2021-07-19
Please like and comment. Thanks
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AALPHA
·2021-07-19
Any reason?
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SGOCO has experienced extreme volatility in recent days as retail day traders have been piling into the Chinesefintech company, which was a penny stock not long ago.\n\nSo what\nThe Nasdaq exchange had warned SGOCO in May that it was out of compliance with its periodic filings, a crucial listing requirement that ensures that companies are providing investors with current information. The company had attributed the delay to difficulty in obtaining and compiling information.\nIn a regulatory filing with the Securities and Exchange Commission that was submitted yesterday evening, SGOCO confirmed that it has now regained compliance with the requirement after filing its Form 20-F for 2020 with the SEC. That form is comparable to an annual report Form 10-K but is used for foreign companies that are headquartered outside the U.S.\nNow what\nSGOCO's annual report shows that revenue in 2020 declined to $4.3 million, worse than the $5.1 million in sales that it expected to report. That resulted in an operating loss of $67.3 million, which was primarily due to a goodwill impairment. The company's net loss last year was $67.9 million, or $0.69 per share.\nBut many volatile meme stocks have become detached from their companies' underlying fundamental performance, and traders probably aren't particularly concerned about the red ink. 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Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173701936","repostId":1197843288,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":173443804,"gmtCreate":1626682754008,"gmtModify":1703763262900,"author":{"id":"3575112879260258","authorId":"3575112879260258","name":"AALPHA","avatar":"https://static.tigerbbs.com/7f120257600b00c1840d676f817362d4","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3575112879260258","authorIdStr":"3575112879260258"},"htmlText":"Any reason?&nbsp;","listText":"Any reason?&nbsp;","text":"Any reason?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173443804","repostId":1197843288,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":78,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}