Wang & Lee (NASDAQ:WLGS) stock is seeing major movement on Friday without any recent news from the Hong Kong-based construction company.
However, investors will keep in mind that WLGS is still incredibly new to the public market. The company went through an initial public offering (IPO) roughly three weeks ago. At that time, it sold 1.6 million shares for $8 each.
WLGS stock hasn’t been doing so hot since then with its shares losing much of its priced value during the IPO. To put it in perspective for traders, the company’s shares were trading at $1.91 each when markets closed on Thursday.
Recent WLGS Stock Movement
Not helping matters is the incredible volatility that WLGS stock has been seeing recently. Take this morning for example, when the shares jumped as much as 60% during pre-market trading. However, it gave up all of those gains and more before markets opened today.
Investors will also keep in mind that WLGS stock just underwent a rally on Thursday. This sent the stock almost 45% higher as some 34 million shares changed hands. For the record, its daily average trading volume is around 3 million shares.
WLGS stock is down 4.7% as of Friday morning. Also, around 90,000 shares of the stock have traded so far today.
Investors looking for more of the latest stock market news are in the right place!
We’ve got all of the biggest stock stories traders need to know about on Friday! Among them are what’s happening with CaliberCos (NASDAQ:CDW) stock, the biggest pre-market stock movers this morning, and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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