- The stock price of Bonso Electronics International Inc. (NASDAQ: BNSO) increased by 44.59%. This is why it happened.
The stock price of Bonso Electronics International Inc. (NASDAQ: BNSO) – a Hong Kong-based company that designs, develops, produces and sells electronic sensor-based and wireless products – increased by 44.59% as it went from a previous close of $6.84 to $9.89. There was no direct news from the company so it appears that there were external factors at play.
Some investors decided to buy shares in the company based on a sympathy play with UTime. UTime is a China-based mobile device manufacturing company committed to providing cost-effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets. Today the stock price of UTime increased 110.69% as it went from a previous close of $39 to $82.17 on its second day of trading. And its stock price hit as high as over 2,000% based on its IPO price of $4.
Another feature that Bonso Electronics has in common with UTime was the low float. Bonso Electronics has a 1.17 million share float. And UTime went public with under a 4 million share float.
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