Why 500.com's Shares Popped 45.3% Today

Shares of Chinese online sports lottery company 500.com (NYSE: WBAI) jumped as much as 45.3% in trading on Tuesday after the company released fourth-quarter 2020 financial results. Shares kept moving slightly higher all day and were up 43.7% at 2:15 p.m. EST.

Revenue was up slightly to $1.4 million and net loss for the quarter was $8.6 million. Those are hardly impressive figures for a company valued at $913 million, but that may not be what investors are focused on today.

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Source Fool.com