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Newly public Magic Empire (NASDAQ:MEGL) stock retreated 22% on Tuesday after rallying 116% the previous session.
Shares of the Hong Kong-based company opened at $20.89, reaching a high of $22 in early trading before dipping to a low of $13.80 in early afternoon. The stock recently changed hands at $13.87 at approximately 1:00 p.m. ET. Magic Empire shares had rocketed 116% on Monday to close at $17.73.
The Chinese financial services provider made its US market debut on Aug. 5, offering 5M shares priced at $4 per share to raise $20M. After several halts due to volatility, the stock finished its first session 2,325% higher at $97 per share.
The stock reached an all-time high of $249.94 during its second day of trading on Aug. 8, only to plunge 90% on Aug. 9.
For a more in-depth look at Magic Empire, check out SA contributor Donovan Jones’s “Magic Empire Global Limited Pursues $23 Million US IPO.”
Image and article originally from seekingalpha.com. Read the original article here.