The meme stock rally continues as a new week of trade kicks off and retail traders are pouring into the world of penny stocks — or at least used-to-be penny stocks.
SGOCO Group, Ltd. (NASDAQ: SGOC) skyrocketed in today’s session, rising as much as 184%.
What has sparked interest in this Hong Kong-based conglomerate? It doesn’t seem to be related to any news but possibly another short squeeze.
Data from Fintel shows SGOC stock currently has a short rate of more than 27%.
A quick look at StockTwits shows retail traders have their attention on this stock and are talking about a short squeeze.
What the Heck Is SGOCO Group?
- SGOCO Group is based in Hong Kong
- The company says it is a conglomerate with businesses in virtual reality, energy savings technology, money lending in Hong Kong, and property investment
- The group says its “vision is to operate as a conglomerate to build synergy within its own sustainable ecosystem thereby create value to shareholders”
- SGOC stock started the year at just $1.43 per share
- The recent rally has pushed the company’s market cap past $1 billion
- SGOCO had just $4 million in revenue in 2020, $3 million in cash on its balance sheet, and has never turned a profit
- Trading volume surged above 100 million shares in today’s session vs the 10-day average of 664,000 shares
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