BYRG was up more than 90% on huge volume. What drove the spike?
Shares of BYRG closed Thursday at .004 up 90.48% gaining .0019 on the day. Volume was 404.56 million shares compared to its 30-day daily average of 11.84 million. Trading opened the day at .0021 and had a range between .0021 and .0045. At one point the stock was up 114.29% % before settling back.
What is driving the gains?
BYRG hasn’t had news since 2016. What drove investors to the stock?
If we take a look at OTCMarkets we see that BYRG is listed as dark or defunct and has a stop sign warning investors that the company may not be making material information publicly available.
If we look at the financial page, the last financial statement was from 2015.
The latest craze has seen speculators bet on shell companies or companies that are delinquent in their filings. Bets on companies with no news have skyrocketed recently with some of the stocks posting triple-digit percentage gains in a few days.