Yunhong CTI Ltd (NASDAQ:CTIB) Stock Sees Selling Pressure At Higher Level: Now What?

The meme stock phenomenon has made a strong comeback in recent weeks and every other day some new stock is being targeted by retail investors from various online platforms. One of the stocks to have been targeted this week was that of Yunhong CTI Ltd (NASDAQ:CTIB).

The rally in the stock started earlier on this week but yesterday a case of profit taking from investors led to a 13.50% decline in the Yunhong CTI stock. However, at the same time, it is perhaps necessary to note that the stock is still up by as much as 12% for the week so far.

While it is true that the meme stock phenomenon may have led to the rally in the stock, it might be a good idea to take a closer look at the company as well. Back in May, the company announced that it recorded year on year rise of as much as 17% in products that had specifically been meant for Mother’s Day.

Although the coronavirus pandemic may have wreaked havoc on many businesses, Yunhong CTI Ltd has continued to thrive and that is another factor that investors ought to keep in mind when looking into this stock.

Market Reaction:

On Thursday, CTIB stock fell 13.50% at $2.50 with more than 2.84 million shares, compared to its average volume of 788k shares. The stock had moved within a range of $2.1100 – 2.7400 after opening the trade at $2.74. Over the past 52-week, the stock has been trading within a range of $1.3000 – 5.0000.