SINO Global Shipping America
Had a convo in a bar about a month ago while traveling and it is as mentioned that Soros was buying this stock…like a lot of it. I was unable to confirm this and none of the listings show him owning it.
So naturally I took a look…it had some interesting aspects…was a lot speculative looking…but worth a powerball ticket play…
So I picked up a few thousand shares in a couple of accounts and it meandered up a bit then down some…small volume…Chinese stock so can freak you out at times…
Well two days ago they announced earnings and the stock literally went absolutely ballistic. It is a (on the books and appearance wise) a very very low float stock (not what is authorized but what is actually out) and I swesr if the numbers are right I saw on the tape it pretty much traded 10 times the actual shares out and like 13 to 15 times the float for that day?
Anyway over two days it explodes to 4.5ish from 1.7 and then backed all the way back off to low threes this morning where I sold half the position…so I am now playing with ”House (meaning the House as in casino House) money on this single stock right now…
Having said that I never like to give away even house money…so does anyone have any insight?
It seems like this stock has had huge runs like this before and they are showing a nice profit on the books for the quarter and year…BUT…it IS a Chinese stock. Is the float to blame for such enormous swings since the IPO? Only 5.1u million out and 62 percent of that held by insiders and large holders? 1.89 million float then? Is this even remotely normal?
As a sidenote, I am hearing that they may be volatile based on their relationship with Alibaba as their main shipping line so who knows…that would not affect fundamentals because Alibaba is just going public but has been using whoever they use for years. Beyond PR that type of thing should not even affect the stock really unless the float creates these huge vacuums.
Anyway…first post of my own…first question really…
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