JFU - Why 9F Stock Absolutely Soared Today
Shares of 9F (NASDAQ: JFU) absolutely soared on Thursday even though there wasn't any company-specific news. Rather, this stock just happened to be a favorite among day traders today, with a mind-blowing amount of trading volume pouring in -- almost 70 million as of this writing, which is almost 30 times its three-month average, according to Yahoo Finance. As of 3 p.m. EST, the stock was up about 70% and climbing.
Operating in China, 9F is a financial services company. It has a stock brokerage business that it rebranded in recent weeks. But in its filings with the Securities and Exchange Commission (SEC), it says revenue is generated from lending services. That's a problem, because the COVID-19 pandemic reduced home buying in China in 2020. The last financial update the company gave was in September; six-month revenue was down a whopping 61% year over year, and its net loss was a painful $64 million.
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Why 9F Stock Absolutely Soared Today