Intercont Cayman Shares Rise 55% in Pre-Market Trading
The stock of the Hong Kong-based maritime shipping and investment holding company rose sharply before the market open. The move followed a modest gain the previous day and coincided with a large increase in short interest.
benzinga.comShares of the Hong Kong-based global maritime shipping and investment holding company rose 55.87% to $4.60 in pre-market trading on Thursday. The stock had closed at $2.98 the prior session after a 1.02% intraday gain, according to Benzinga Pro data.
Short interest in the shares reached 80.3% of the float as of the most recent reporting period, up from 0.39% earlier. No company-specific announcement or other fundamental development was identified at the time of the price move. The elevated short interest increases the potential for a short squeeze if buying pressure continues.
