Those who are looking for stocks which might have made a big move on Wednesday could consider taking a look at the Glory Star New Media Group Holdings Limited (NASDAQ:GSMG) stock. There was no news about the well known online digital media and entertainment firm yesterday, but investors piled on to the stock in a big way and sent it flying by as much as 15%.
However, the rally in the stock might have been triggered by the fact that the company is all set to announce its unaudited financial results for the first half of 2021 today. The results are going to be declared by Glory Star New Media before the opening of the markets this morning.
The company had actually made the announcement regarding the same last week on August 11. On the other hand, it is perhaps also important to keep in mind that back on July 22 the Univest Securities had started covering the stock of the Chinese company and had given the stock a ‘buy’ rating.
In addition to that, the target price for the stock at the time was set at $6.50 a share. That is another important factor that potential investors could keep in their minds.