Pintec Technology (PT) stock soared 53.3% despite the lack of news. here is

Pintec Technology Holdings Ltd – ADR (NASDAQ: PT) stock price soared 53.3% today despite a lack of announcements from the Chinese fintech that serves enterprise clients.

Shares of the company had been under a wave of buying pressure since yesterday, when it closed up 13.6%. Although the exact driver of the rally is unclear, the recent rally could significantly benefit the company if it persists.

Also read: The best financial stocks to buy right now.

Pintec Technology provides financing solutions to other businesses in the area of ​​SME Loans, Business Loans, Installment Loans and Personal Loans. The Company also provides services such as operating Financial RPA Centers of Excellence on behalf of clients.

The fintech company also offers robo-advisory services to more than 70 funds. The services are based on Renminbi-denominated assets while offering over 4,000 services to over 290,000 retail clients who have processed transactions worth over 8.4 billion Renminbi.

The above are just a few of the services offered by Pintec Technology Holdings, indicating that the company has significant long-term potential given the uncertain business environment created by the COVID-19 pandemic.

Pintec also operates a fund supermarket, a trading system for public fund products. Therefore, recent investor interest in the company may be warranted given the strong product line it offers in its home market.

More than 7.32 million PT shares had changed hands at the time of writing as investors bought the shares of the Chinese fintech company, and I wouldn’t blame them.

PT shares look quite attractive at current prices, given that they have a market capitalization of 420.68 million based on Wednesday’s closing price. The recent rally also means that the company’s shares could easily break above the $1 mark.

Shares of Pintec Technology last traded above the $1 mark on January 23-24, 2022 before falling back, and its current price does not meet Nasdaq listing requirements.

Investors are hoping the recent rally will push PT shares back above the $1 mark. Meanwhile, those looking to buy the shares should know that they traded as low as $15 in the past on the day they listed on Nasdaq on October 25, 2018.

*This is not investment advice. Always exercise due diligence before making investment decisions.

Pintec Technology share price.

Pintec Technology’s stock price climbed 53.32% to trade at $0.7318, up from Wednesday’s closing price of $0.4773.