Nova LifeStyle Inc (NVFY) Stock Turns Volatile After The Jump: Now What?
If you are currently looking into some of the stocks that may have recorded considerable gains last week, then it might be a good move to take a closer look at the Nova LifeStyle Inc (NASDAQ:NVFY) stock.
There was no news about the company last week but investors continued to pile on to the stock in a big way and on Friday, it went up by 27%. Those gains took its gains for the last week to as much as 52%. While it is true that there was no news about Nova LifeStyle last week, it is important to note that back on June 21 the company made a major announcement in relation to its subsidiary company Diamond Sofa.
The company announced that its fully owned subsidiary company had been successful in showcasing a new design line at the High Point Market Furniture Trade Show. The even in question was held from June 5 through to June 9th and marked a major development for Nova LifeStyle as well as its subsidiary company. The Chief Executive Officer and Chairperson of Nova LifeStyle, Tawny Lam stated that the event is particularly special for the company since it is able to showcase some of its new products and also get feedback from buyers.
Market Reaction:
On Friday, NVFY stock slumped 27.38% at $4.72 with more than 3.93 million shares, compared to its average volume of 3470k shares. The stock had moved within a range of $4.2600 – 4.9000 after opening the trade at $4.77. Over the past 52-week, the stock has been trading within a range of $1.4500 – 7.4900.
