RENN - Renren - Momentum Rally Triggered By One-Time Gains - Get Short
On Tuesday, shares of former Chinese social media highflyer Renren (NYSE:RENN) soared more than 55% on heavy volume after the company reported Q2/2018 results. After spinning off most of its legacy business and investment portfolio and also distributing the vast majority of its cash to shareholders in June, the current iteration of Renren derives roughly 90% of its revenues from the sale of used cars in China, a business the company initiated during Q2/2017.
While the company is also operating a mobile live streaming service and "an auto dealership SaaS platform",