RENN - Why Is Everyone Talking About Renren Stock?
Renren (NYSE: RENN) , the Chinese social networking company once heralded as the " Facebook of China," sold most of its core businesses over the past three years. Its stock plunged from about $30 per share to penny stock territory, then finally dropped below $1 as the pandemic spread last year.
Renren's stock seemed destined to be delisted, but it rebounded to $10 per share back in February, then continued climbing to the mid-$20s earlier this month.
The main catalyst for that rally was the settlement of an investor-backed lawsuit, which started after Renren sold its most valuable investments in 2018. Desire to get a per-share payment from the settlement is generating a lot of buzz and causing investors to buy shares, ignoring the fact that Renren is just a husk of its former self.
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Why Is Everyone Talking About Renren Stock?