Every now and then a stock comes along which captivates the market. Today that stock seems to be Acorn International (NYSE:ATV), which is trading up a staggering 508% this afternoon. Shares are currently up $12.81 at $15.28, hitting a high just about an hour ago at $16.75.
Following a 3/20 reverse split yesterday, shares have slowly begun to rise from $0.54 to $3.40 during Monday’s trading day. Shares then opened at around $2.47 following a conference call hosted by company CEO Robert W. Roche this morning. Initially there was very little volatility until around 11:15 a.m ET when the share price and volume exploded. By noon shares had already reached $14.
An archived webcast of the conference call can be accessed at the following url until December 8: https://pgi.webcasts.com/starthere.jsp?ei=1086299.
Shares seem to be rising based more on speculation and the fact that not a tremendous number of shares are available, rather than publicly available news. Although their may be something going on behind the scenes, it appears as if much of the movement is based on speculative behavior and perhaps a little bit of ‘pumping’ by shareholders via social media. It is interesting to note that other small cap Chinese stocks are also moving higher this afternoon in response to this Acorn International (NYSE:ATV) move. We will keep the market posted if additional news is revealed.
Acorn International Inc. is marketing and branding company that’s based in China. The Company’s main line of business consists of two divisions: direct-sales platforms and a distribution network. The Company’s direct-sales business revolves around marketing as well as selling products directly to consumers in China through a number of interesting platforms, including an outbound marketing platform, Internet sales and even catalog sales. The company is headquartered in Shanghai, China, and employs approximately 894 people.