Is Recent IPO UTime a Good Buy?

imageStock Markets25 minutes ago (Apr 22, 2021 05:31PM ET)

(C) Reuters. Is Recent IPO UTime a Good Buy?

Chinese electronics manufacturer United Time Technology’s (UTME) stellar market debut took investors by storm as the stock witnessed quadruple gains. However, does the company’s financials and growth potential support such price gains amid an ongoing tech sell-off? Read more to find out.Chinese mobile and electronic accessory manufacturer United Time Technology Co. Ltd. (UTME) made its U.S. stock market debut on April 6. The company listed 3.75 million ADRs on the Nasdaq Global Select Market, raising $15 million. The stock opened its first trading session at $11, 175% higher than its $4 IPO price.

UTME shares soared 2,583.3% from its IPO price in its first trading session to hit an all-time high of $107.33. The stock had an average trading volume of 14.31 million in the first trading session.

However, the company has been losing momentum gradually since, declining 24% so far. So, here’s what we think could drive UTME’s performance in the near term:

Continue reading on StockNews

Is Recent IPO UTime a Good Buy?

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.