Nova Lifestyle shares retreat after jumping over 70% on Thursday

XMax

09/07/2021 12:19

** Nova Lifestyle Inc  NVFY.O  down >25% premarket, a day
after stock's big jump
    ** Furniture designer and marketer's shares on Thurs closed
up 71.5% at $6.50, after trading in range of $3.55-$6.66
    ** Stock hit 1-yr high of $7.49 on Mar 11
    ** Trading volume in shares has been heavy recently: 5-day
avg volume of ~3.34 mln compares to 90-day avg of ~719k, per
Refinitiv data
    ** NVFY has ~5.6 mln shares outstanding and ~3.5 mln shares
of free float - Refinitiv
    ** In May, co reported Q1 sales of $3.3 mln, 51% yr/yr
increase, and net loss of ~$764 mln compared to loss of $1 mln
in yr-ago period  urn:newsml:reuters.com:*:nGNXcgBrdq

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))