Analysts said such share price volatility is not uncommon for small tech stocks listed in the US.
SINGAPORE – Singapore ride-hailing and carpooling company Ryde saw its share price plunge by more than 80 per cent in the past week, a move that market analysts described as concerning but not unusual for small tech firms listed in the United States.
“It appears some large traders might have started building positions around Sept 3, driving up both volume and prices. This likely caught the attention of other investors who jumped in, possibly assuming these initial trades were based on insider information,” he said.Rydeopening at US$4, with around 2.7 million shares traded during regular hours. Its initial public offering raised US$12 million.
He added that as a micro-cap stock, Ryde is more vulnerable to these kinds of movements due to lower liquidity and often less regulatory scrutiny. NUS Business School’s Professor Mak Yuen Teen said the sharp drop might be due to the market thinking bad news is coming, or that a large investor sold shares.
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