Why ATA Creativity Skyrocketed 951% Today

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ATA Creativity Global (NASDAQ:AACG) stock closed over 951% today.

What Happened: ATA shares were buoyed — thanks to discussions on Reddit investor forums WallStreetBets, Stocktwits, and Twitter Inc’s (NYSE:TWTR) platform, related to pumping the stock.

AACG from r/wallstreetbets

Shares in the Chinese education firm shot up with a volume of over 305.69 million on Thursday. The average volume is 51,862.

Why It Matters: ATA Creativity released its third-quarter results in November with earnings per share of RMB 0.28 ($0.043) and revenue of RMB 42.22 million ($6.52 million), a gain of 3.9 YoY. 

On Wednesday, Sundial Growers Inc (NASDAQ:SNDL) stock shot up after it was targeted by retail investors. 

Heavily shorted stocks such as GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC)  skyrocketed as r/WallStreetBets pursued a short squeeze, before tanking in the previous few sessions.

ATA Creativity is not on the list of most talked about stocks on r/WallStreetBets, as compiled by Swaggystocks.

GameStop, AMC, Blackberry Ltd (NYSE:BB), Tesla Inc (NASDAQ:TSLA), and Nokia Oyj (NYSE:NOK) are the most discussed stocks on the Reddit forum.

Price Action: ATA Creativity shares closed 951.47% at $14.30 on Thursday and fell 20.44% to $10.09 in the after-hours session.

https://markets.businessinsider.com/news/stocks/why-ata-creativity-skyrocketed-951-today-1030046341

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