- The stock price of Jiayin Group (NASDAQ: JFIN) has increased by over 150% during intraday trading. This is why it happened.
The stock price of Jiayin Group (NASDAQ: JFIN) – an online individual finance marketplace that connects individual investors and individual borrowers in China – has increased by over 150% during intraday trading. There is no direct news from the company so it appears that there are external factors at play.
1.) Rumor About Crypto Play
There are rumors that Jiayin Group has a crypto play in the pipeline. And the price of Bitcoin is up about 1.5% today. Bitcoin went from about $57,597 at 8:30 AM ET today to over $59,500 as of 11:52 AM ET.
2.) Sympathy Play Around Other Chinese Financial Companies
JFIN has become a favorite on various social media platforms and stock trading forums. Users on Twitter, Facebook Groups, Discord, StockTwits, and Yahoo! Finance seem have been actively sharing their day trading plays, which has been driving the volume up even further. The low float of the company stock (smaller number of shares available for trade) makes it even more appealing for day traders.
Other Chinese companies that have been seeing their stock prices increase recently include Takung Art Co Ltd (NYSEAMERICAN: TKAT), Oriental Culture Holding Ltd (NASDAQ: OCG), and Wunong Net Technology Co Ltd (NASDAQ: WNW).
This is not the first time that users of social media platforms and stock trading forums aggressively drove up the stock prices of these companies. JFIN, OCG, TKAT, and WNW all saw a spike in the middle of February before pulling back again.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.