Just when you thought momentum-stock mania was last year's news, along comes Hour Loop (NASDAQ: HOUR) , which had a rocket ride on its first day of trading. On Jan. 6, Hour Loop priced its initial public offering (IPO) at $4 (collecting a cool $6 million worth of aggregate proceeds in the process), only to witness the share price nearly double to $7.99 on Jan. 7, IPO day.
Suddenly, a company that most traders had probably never heard of was trending. Meanwhile, the stock's upward trajectory continued over the ensuing days as investors pushed it to $9 and threatened $10 and beyond.
Now it's time to take a step back and evaluate Hour Loop as a company. As you'll see, Hour Loop's business is almost entirely dependent on another's, but it's riding on the back of an e-commerce giant -- and seems to be doing so successfully so far.
For further details see:
After an IPO-Day Rocket Ride, Can Hour Loop Maintain Its Mojo?