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Shares of SGOCO Group Ltd.
(NASDAQ: SGOC) closed last Thursday at $2.58 a share.
The next day, SGOCO stock exploded as 124 million shares changed hands.
The stock climbed as high as $18.80 before closing at $9.79.
On Monday, the penny stock exploded higher again, as high as $29 during the day.
Over 100 million shares went in circulation.
Like so many stocks in the last year, there is none.
The so-called “meme stock” traders decided to push it higher.
But the move certainly has nothing to do with the company's business.