RALEIGH – To use a Wall Street term, VinFast stock “popped” on Tuesday, its shares soaring to more than $30 after opening at $10. But reality may have set in Wednesday morning.
As of 11:30 a.m., shares (Nasdaq: VFS) are down nearly 23% to under $30 after closing at more than $36 on opening day.
Just after 2 p.m. shares remain stable at 28.88, down $8.19 (-22.09%). Share volume increased to more than 2.5 million shares.
But in the last hour, shares rallied to close at $30.11, or $6.95 – a drop of -18.75%.
However, trading remains limited with some 1 million shares exchanging hands.
Here’s TechWire’s opening day recap:
VinFast stock surges to higher value than GM, Ford; CEO calls results ‘successful’