Hitek Global (NASDAQ: HKIT) stock skyrocketed over 218% on Thursday, catching the attention of investors. This surge comes amidst intense trading activity, with over 76 million shares changing hands, a stark comparison to the usual average trading volume of around 291.90K.
What’s particularly intriguing is that Hitek Global didn’t release any new press releases or filings that would typically prompt such a surge. However, investors have found ample reason for excitement.
Hitek Global recently held a shareholder meeting where discussions included the approval for new directors and the potential for a reverse stock split. Although the outcome of this meeting has yet to be disclosed, it could be influencing the surge in HKIT stock.
In addition, the broader Chinese stock market has been witnessing a robust recovery throughout the week, potentially contributing to the positive momentum seen in HKIT stock.
Hitek Global, a Chinese information technology company established in 1996, operates primarily in Xiamen with around 60 employees. The company serves various sectors within China.
Hitek Global (NASDAQ: HKIT) Stock Price Action
HKIT stock soared -12.13% to close at $12 on Thursday.
