There has been no news about the Chinese company Fangdd Network Group Ltd (NASDAQ:DUO) for more than a couple of months but the stock was in considerable focus among investors yesterday and ended the day with gains of 14%.
Recent Developments
More importantly, the Fangdd Network Group stock has made a move in the premarket trading period as well and is already up by 25% during the period. In this situation, it could be a good move for investors to take a closer look at the company. To that end, investors could do well to look into the company’s unaudited second fiscal quarter financial results which were announced back in August.
In the second quarter that had ended on June 30, 2021 the company managed to generate revenues of as much as RMB401.4 million, which worked out to a sequential rise of 37.9%. On the other hand, the net losses for the period widened to RMB 139 million from RMB104.8 million in the previous quarter.
While the financial performance does provide a snapshot about the situation with Fangdd Network Group, it should also be noted that it is unlikely that it had an effect on the latest rally in the stock.
Traders Note:
DUO stock is trading below the 50-Day and 200-Day Moving averages of $1.29 and $4.17. The stock is up 10% so far this year.
Market Reaction:
On Wednesday, DUO stock jumped 14.13% at $1.0500 with more than 6.30 million shares, compared to its average volume of 322K shares. The stock has moved within a range of $0.8855 – 1.2599 after opening the trade at $0.9000.
