Will SGOCO Group Ltd (SGOC) Stock Move Back To $5?

The SGOCO Group Ltd (NASDAQ:SGOC) stock has emerged as one of the notable gainers over the course of the past week and during that period the stock has managed to deliver gains of as much as 19%.

The considerable gains made by the stock are expected to bring it on to the radars of many investors today but it should be noted that there has been no news about the company over the past week. The company is involved in providing consumers and business across several industries with display products and associated solutions.

Although there has been no news about the company in recent weeks, back in May the company announced that it got a letter from Listing Qualifications Department of NASDAQ. The letter, dated May 18, 2021, notified SGOCO Group that it was no longer in compliance with the NASDAQ listing rules 520(C)(1).

The company lost its right for continued listing on the exchange owing to its failure to submit its annual financial report to the United States Securities and Exchange Commission for the financial year that ended on December 31, 2020. The latest gains in the stock might not have been related to it but it is something that investors perhaps need to know about.

Market Reaction:

On Thursday, SGOC stock gained 6.61% at $2.58 with more than 5.59 million shares, compared to its average volume of 120k shares. The stock had moved within a range of $2.0990 – 4.4400 after opening the trade at $2.55. Over the past 52-week, the stock has been trading within a range of $0.7700 – 4.4400.