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ATA Creativity Global (NASDAQ:AACG) Stock Suddenly Soars 29%: What’s Going On?

Pete Matthews , , , ,

ATA Creativity Global (NASDAQ:AACG) jumped 29% without any company-specific news or SEC reports pushing the stock, and it seems its external factors are driving the surge.PennyStocks.com listed AACG as one of the stocks Reddit investors are acquiring following GameStop NFT speculation.

There has been some speculation that GameStop is planning to launch NFT soon, and it appears that AACG is being caught in this hype. There was a surge in the stock price in several other NFT-related stocks as well. A notable case was Cinedigm which jumped 30% after the company releases inspiring financial results for the past quarter.

Therefore, there is the possibility that ATA Creativity Global is surging in part due to sympathy play related to Cinedigm. In addition, at the end of April, Cinedigm launched Fandor Selects, an NFT-based film label committed to the release of limited editions of the world, contemporary, and classic cinema. So in the coming months, AACG is a stock worth keeping an eye on.

Market Reaction:

On Thursday, AACG stock jumped 28.50% at $3.83 with more than 43.13 million shares, compared to its average volume of 783k shares. The stock had moved within a range of $2.9600 – 4.7500 after opening the trade at $2.98. Over the past 52-week, the stock has been trading within a range of $1.0100 – 19.7500.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.