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Oct. 19, 2020, 1:16 p.m. EDT

Kaixin Auto's stock skyrockets on massive volume, has gained 1,270% in four days

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By Tomi Kilgore

Shares of Kaixin Auto Holdings Inc. /zigman2/quotes/202517550/composite KXIN -0.13% skyrocketed 257.5% on massive volume in afternoon trading Monday, to extend the stretch of volatile trading that started last week despite the lack of news announced by the China-based operator of auto dealers. Trading volume exploded to 184.0 million shares, which was already more than triple the previous one-day record for volume of 60.6 million on Oct. 14, and enough to make the stock the most actively traded on the Nasdaq exchange. The company did not immediately respond to a request for comment. The stock has now gained 1,270.3% over the past four sessions. It ran up 55.6% on volume of 55.1 million shares on Friday, tumbled 32.8% on volume of 6.3 million shares on Thursday and soared 266.7% on volume of 60.6 million on Wednesday. In the company's last filing with the Securities and Exchange Commission on Aug. 26, the company said after reexamining its business model it has decided to halt its used-car dealership operations, meaning second-quarter revenue will be "significantly lower" than in prior periods, and that "it may not have meaningful revenue starting in the third quarter of 2020." The stock had closed at a record low of 41 cents on Sept. 8. With the recent rally, the stock has now climbed 295.7% year to date, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI +1.46% has advanced 21.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% has gained 7.4%.

/zigman2/quotes/202517550/composite
US : U.S.: Nasdaq
$ 7.48
-0.01 -0.13%
Volume: 1.79M
Nov. 27, 2020 1:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$452.88 million
Rev. per Employee
N/A
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 82.43
+1.19 +1.46%
Volume: 2.02M
Nov. 27, 2020 1:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,638.35
+8.70 +0.24%
Volume: 1.22B
Nov. 27, 2020 2:07p
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