In the realm of “Well, that’s interesting (stock market edition),” take a look at the stock of Takung Art Co., Ltd., today. It trades on the American Stock Exchange with the ticker symbol TKAT. Takung operates an electronic online platform for artists, dealers, and collectors to buy and sell artwork primarily in the People’s Republic of China. It pays no dividends, and reports no earnings.
After trading between $1 and $2 a share for all of last year, it jumped at the beginning of this year to about $2.50, and has slowly been trending up the last two months. At the end of the day Monday, it jumped to $9, and then yesterday ranged between $6 and $7, closing at $5.99. Just after 11 o’clock this morning, somebody noticed it. Or perhaps a lot of somebodies. It peaked today at $24.90, and finished the day at $22.60. There are a total of 11,271,000 shares outstanding, and the 90-day average trading volume, until today, was just under 588,000 shares per day. Today, it traded just over 66 million shares. Put another way, every single share of the company in circulation changed hands six times today.
I don’t own it, and don’t feel any need to buy this stock (except, possibly, if I could buy it yesterday), but it is interesting to look at.
2 thoughts on “TKAT: March 17, 2021”
A brief follow-up from the next day. On March 18, the price peaked at $40 early in the day, and then it was briefly halted “pending news” (although I can’t find any actual news). The price dropped and rose, and ended the day at $30.06 (up 33%) on trading volume of 49 million shares, which is only (ONLY) four times the number of shares in circulation. Looks kinda fishy to me.
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And on March 22, the next trading day after my previous comment, the stock ended up $19.32 (another 65%) on volume of 39.2 million shares (each issued share traded on average 3.48 times today). There’s definitely something going on with this stock; no idea what, but something.