Newsmax Stock Price Cools After Massive 2,550% Post-IPO Rally
The volatility in Newsmax stock continues on its third day of trading.
The move: After a two-day rally of as much as 2,550%, the stock took a breather, declining by about 24% in Wednesday’s pre-market trading session.
After hitting an intraday high of $265 on Tuesday, the stock traded at $179 on Wednesday. Newsmax priced its IPO at $10 per share on Monday.
Why: The trading activity in Newsmax is reminiscent of other meme-stocks that caught fire with retail investors.
The conservative news channel saw a flood of trading activity immediately after it went public. The stock’s opening trade at nearly $15 represented an immediate 50% gain.
What it means: The explosion in Newsmax stock is reminiscent of Trump Media and…
