(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:
Is Recent IPO UTime a Good Buy?
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