In recent days, Puhui Wealth Investment Management Co Ltd (NASDAQ:PHCF) has been on the radars of many investors and that has led to considerable momentum in its stock as well.
Yesterday, the Pahui Wealth Investment Management stock made another strong move and ended the day with gains of as much as 22%. That took its gains over the course of the past week to as much as 32%. While it is true that there was no specific news about the company yesterday, it might be a good time to take a look at some past developments in order to make sense of the rally.
Direct Offering News
Earlier on this year on August 24, the company announced the closure of its registered direct offering. In that particular offering, the company managed to bring in as much as $2.1 million in the form of net proceeds.
At the time Pahui Wealth Investment Management announced that it was going to use the money towards its working capital needs and also for general corporate purposes. The company is now building on its success after having emerged as a wealth management advisory services firm for high net work individuals in the thriving Chinese market.
Traders Note:
PHCF stock is trading above the 20-Day Moving average of $2.17. However, the stock is trading below 50-Day and 200-Day moving average of $2.66 and $3.66 respectively. The stock is up 5% so far this year.
Market Reaction:
On Wednesday, PHCF stock surged 22.66% at $2.4900 with more than 11.78 million shares, compared to its average volume of 149.07K shares. The stock has moved within a range of $2.0500 – 3.2900 after opening the trade at $2.2300.
