Shares of General Steel Holdings Inc (NYSE:GSI) are trading up big this morning, so much so that trading of the stock has been temporarily halted for the second time today. This huge move to the upside comes with no sign of company news. The latest halt appears to be a “news halt”, meaning there is some improtant news forthcoming.
It should be interesting to see what this news is that General Steel Holdings Inc (NYSE:GSI) is about to release, if it is anything at all. Perhaps there was a bit of insider trading going on if this huge jump in price is related to news that hasn’t yet been announced.
The stock is up 106.02% or $1.41 following the news, hitting $2.74 per share. About 829,412 shares traded hands or up 1066.15% from the average. GSI has risen 68.35% since May 29, 2015 and is currently uptrending. It has outperformed the S&P500 by 70.48%.
The institutional sentiment decreased to 0.67 in Q2 2015. It’s down 5.33, from 6 in 2015Q2. The ratio is negative, as 1 funds sold all their General Steel Holdings Inc shares they owned while 2 reduced their positions. 1 funds bought stakes while 1 increased their total positions. Institutions now own 782,520 shares which is 49.11% less than the previous share count of 1.54 million in 2015Q2.
American International Group Inc holds 0% of its total portfolio in General Steel Holdings Inc, equating to 4,000 shares. Beacon Capital Management Inc. owns 1,000 shares representing 0% of their total US portfolio. Moreover, California Public Employees Retirement System has 0% of their total portfolio invested in the company, equating to 146,300 shares. The Illinois-based Citadel Advisors Llc has a total of 0% of their portfolio invested in the stock. Creative Planning, a Kansas-based fund reported 10,274 shares owned.
General Steel Holdings, Inc. operates a portfolio of Chinese steel companies. The company has a market cap of $42.59 million. The Firm serves various industries and produces a range of steel products, including reinforced bars , hot-rolled sheets and high-speed wire. It currently has negative earnings. The Firm has four regional divisions in the People’s Republic of China (PRC): Longmen Joint Venture in Shaanxi province, Maoming Hengda in Guangdong province, Baotou Steel Pipe Joint Venture in Inner Mongolia province and General Steel (China) in Tianjin City.