New meme stock on the block: AMTD Digital soars 12,000% in less than a month

AMTD IDEA

03/08/2022 11:24

** Shares of recently debuted Chinese fintech co AMTD
Digital  HKD.N  rise 19.1%, while its NYSE-listed parent company
AMTD IDEA Group  AMTD.N  jumps 59.6% premarket
    ** AMTD and HKD are among top 5 trending stocks on
investor-focused social media site Stocktwits.com; according to
Fidelity Research, the cos were among top orders by retail
investors in the past two sessions 
    ** "The market is clearly over-excited and the exceptional
gains are being largely driven by retail investors, in a repeat
of the meme stock crazes we saw during the earlier days of the
pandemic ... There is no quantifiable reason for the behavior,
or trajectory, of share prices in this scenario, as moves are
sentiment driven," said Sophie Lund-Yates, lead equity analyst
at Hargreaves Lansdown
    ** "It's by far the most mentioned stock on WallStreetBets,
the Reddit thread for stock trading that became famous during
the meme frenzy," said Neil Wilson, chief markets analyst at
markets.com
    ** As of last close, shares of HKD have jumped more than
12,000% since its market debut in mid-July  urn:newsml:reuters.com:*:nL4N2ZE35D
    ** AMTD Digital's market cap was $310.69 bln at Tuesday's
market close, more than that of Bank of America  BAC.N ; Parent
co AMTD IDEA's market value is $2.6 bln - per Refinitiv data
    ** According to some retail investors on social media, AMTD
came into play a few days ago after HKD became more expensive

 (Reporting by Bansari Mayur Kamdar and Medha Singh in
Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com; Twitter:
@bansarikamdar https://twitter.com/BansariKamdar))