SGOCO Group id up 56% pre-market after the crazy rally on Friday of over 500%
- SGOCO Group (NASDAQ: SGOC) shares were up over 500% on Friday. This movement had no fundamentals supporting its rally. It is possible that this move was caused by Wall Street firms buying up the shares and causing retail investors to join the rally.
- As in most pumps and dumps, these stocks tend to go down in the next day, however, today and during the pre-market hours, the stock is up 56% at the time of writing.
- The Hong Kong based company is a penny stock that manufactures phase change storage systems and it now has a market cap of almost $1 billion but only $4 million revenue in 2020 and it’s currently unprofitable.
- It will not be fun to be left holding the bag of this stock.
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