Sudden rallies in dormant companies can prove to be quite confounding for investors and for good reason too. Yesterday, the multinational technology firm Icon Media Holdings Inc (OTCMKTS:ICNM) was in major focus among investors yesterday for no conceivable reason and soared by as much as 50%.
In this regard, it is perhaps necessary to point out that the last time there was any news about the company was back in 2017 and hence, it appears that the latest rally in the stock is entirely driven by speculative bets from investors. However, it might still be a good move to take a closer look at the company in light of the rally.
In its capacity as a tech firm, Icon is mainly involved in owning as well as operating a range of e-commerce websites. However, at the same time, it should be noted that the company only deals in products which generate high margins.
In addition to that, it has also managed to create its own presence of major e-commerce platforms like eBay, Amazon UK and Amazon. On the other hand, Icon also provides engineering and technical consulting services to its clients. Investors could consider keeping an eye on the news regarding the company at this point.
Market Reaction:
On Wednesday, ICNM stock slumped 50% at $0.0009 with more than 870.07 million shares, compared to its average volume of 153.10 million shares. The stock had moved within a range of $0.0006 – 0.0010 after opening the trade at $0.0007. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0055.
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