Why SGOCO Group Stock Rocketed Over 500% Today
Shares of SGOCO Group (NASDAQ: SGOC) were up over 500% on Friday on heavy trading volume. The penny stock didn't release any news to trigger this price movement. As of 3:11 p.m. EDT, the stock was up 384% for the day.
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SGOCO Group is a penny stock that manufactures phase change storage systems, among other items. Headquartered in Hong Kong, the company now has a market cap of over $1 billion but only $4 million in 2020 revenue, $3 million in cash on its balance sheet, and is currently unprofitable.
Source Fool.com
