Source: Poetra.RH / Shutterstock.com
Yesterday, shares of AMTD Digital (NYSE:HKD) stock closed higher by just over 200% on no company-specific news. Last August, shares peaked to as high as $2,555, which was driven by retail speculation and the r/WallStreetBets crowd. Based in Hong Kong, the company operates as digital solutions platform that offers services for the finance, media, investments and marketing industries. Furthermore, the company is a subsidiary of AMTD IDEA Group (NYSE:AMTD). Trading at penny stock levels, AMTD stock is up 14% over the past five trading days.
So, what exactly does the business behind HKD stock do? AMTD Digital’s mission statement is as follows:
“Fusing synergistically all elements within the AMTD SpiderNet ecosystem using digital means, harnessing and magnifying the power from each partner to create a force with meaningful and influential social, technological, and economic impact.”
However, the focus hasn’t really been on what AMTD Digital does. Rather, traders have solely been focused on the volatile price action of HKD stock.
Who’s Betting on HKD and AMTD Stock?
During fiscal 2022, AMTD Digital reported that net profit after taxes increased by 17% year-over-year (YOY). Meanwhile, total net assets clocked in at $396 million on top of zero debt. During the year, the company also took control of AMTD Assets Group.
With that in mind, let’s take a look at the investors betting on HKD stock, courtesy of Whale…
