Baosheng Media Group (NASDAQ:BAOS) Stock Sees Profit Booking At Higher Level

The Baosheng Media Group Holdings Ltd (NASDAQ:BAOS) stock started the week with a bang but on Tuesday the stock corrected by as much as 12% as investors decided to book some of their profits.

While the price action in the stock may have been notable it is also necessary for investors to keep in mind that there was no news about the company in recent day that might have led to such a state of affairs. It seems that the stock has become one of the latest targets of retail investors from social media platforms like Reddit, Twitter, Discord and StockTwits among others.

Over the course of the past months, investors from many of these platforms have been responsible for remarkable rallies in many stocks. Hence, in light of that fact it might be a good move for investors to keep an eye on the Baosheng Media Group Holdings stock this week. The retail traders seem to have been particularly attracted by the low float in the Baosheng Media Group Holdings stock. In case of a low float, it is theoretically easier for traders to bring in momentum and then see the stock rise. It will be interesting to see if the stock manages to recover today.

Market Reaction:

On Tuesday, BAOS stock fell 12% at $3.56 with more than 13.44 million shares, compared to its average volume of 297k shares. The stock had moved within a range of $3.2105 – 5.8700 after opening the trade at $5.14. Over the past 52-week, the stock has been trading within a range of $2.4800 – 10.2000.