This year, the stock of SOS Limited (NYSE: SOS) has taken a wild trip according to the latest NYSE SOS news from https://www.webull.com/newslist/nyse-sos. SOS finished the year at $1.48. It reached a multi-year peak of $15.88 on Feb. 17. The stock is now trading at $4.15. While the stock has seen daily short-term surges in recent days, they have all faded.
Market investors are already wondering what SOS’s next step will be. Potential buyers should avoid purchasing SOS stock at this time since it is purely speculative. Instead, they could put their hard-earned money into other stocks with established companies and strong growth opportunities.
Why Has SOS’s Stock Dropped?
SOS portfolio, a momentum stock, receive a lot of regular exposure. However, in such short-term volatility, retail investors can find it difficult to understand the whole story behind a stock. SOS, headquartered in China, describes itself as a cryptocurrency miner. As a result, the share prices of most crypto miners have been a proxy for these digital properties.
Fresh highs have been set for Cryptocurrency (CCC: BTC-USD), Ethereum (CCC: ETH-USD), and other tokens. For example, in season (YTD), the BTC and ETH have increased about 90% and 195 percent, respectively. Miners rise as cryptos grow, and miners fall as cryptos fall. As a result, anyone considering investing in SOS stock should hold a close eye on Bitcoin’s price.
However, there’s more to SOS stock’s wild swings than meets the eye. Two independent studies by Hindenburg Research and Culper Research contributed to the sharp fall in the stock price. These companies have taken short positions on the stock market.
As a result, the market has been buzzing with rumors that “found the Company’s allegations about its alleged cryptocurrency mining purchases and acquisitions to be highly questionable, if not completely fabricated.” They say unequivocally that SOS shares are “worthless.”
As a consequence of these leaks, Reddit traders have added SOS stock to their short-squeeze list, triggering crazy short-term swings. However, prospective buyers can look through these frequent fluctuations.
Understanding the Functions of SOS
According to a March SEC filing, SOS was established in Delaware in July 2004 as China Risk Finance LLC. It began by offering credit analytics services. The American Depositary Shares (ADS) began operating under the acronym XRF in April 2017. The company began transitioning the firm to other markets in late 2018.
According to the SEC paper, the acquisition of a British Virgin Islands firm, Yong Bao Two Limited (YBT), was completed in May 2020. The corporation has had a busy second half of 2020. SOS was also added to the stock ticker. You can find more stocks like nyse qs at https://www.webull.com/quote/nyse-qs before trading.