The fishing company Pingtan Marine Enterprise Ltd (NASDAQ:PME) has been in the middle of a rollicking rally over the course of the past few days and it continued on Friday as the stock ended up with gains of 18%. Those gains took the cumulative gains over the course of the past week to as much as 28%.
Market Action
On Friday, PME stock gained 17.73% to $0.73 with 1.71 million shares, compared to its average volume of 233K shares. The stock moved within a range of $0.6000 – 0.7299 after opening trade at $0.6013.
Recent Press Release
The company, which is based out of China, has not been in the news at all over the course of the past few months and hence, the remarkable rally in the stock may in fact appear a bit random to investors.
However, it may be a good idea for investors to perhaps take a look at an announcement from the company back on December 30 last year. At the time, Pingtan Marine Enterprise announced that the Listing Qualifications Department of The Nasdaq Stock Market LLC had sent it a notification sent in a notification back on December 28, 2021.
In the notification, the company’s request for an extension of 180 days for regaining compliance had been granted. It was a significant development for the company at the time and it now remains to be seen if the stock can continue to prosper this week.
Traders Note
PME stock is trading above the 20-Day and 50-Day Moving averages of $0.62 and $0.62 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 42.
 Stock Surges 28% In a Week: Here is Why){kind=link}