MicroAlgo (NASDAQ:MLGO) stock is rocketing higher on Monday alongside news of Masaya Otsuka taking a 13.56% stake in the company.
This comes from 700,000 shares of MLGO stock that were acquired by Otsuka. The Japanese citizen purchased ordinary shares of the algorithm solutions company’s stock.
It’s worth pointing out that this is a passive stake in MicroAlgo. The U.S. Securities and Exchange Commission (SEC) filing notes that the shares weren’t “acquired and are not held for the purpose of and do not have the effect of changing the control of the issuer of the securities.”
MLGO Stock Movement on Monday
With news of this new stake in the company comes heavy trading of MLGO shares on Monday. This has more than 78 million shares changing hands as of this writing. That’s a massive surge in trading volume compared to its daily average of about 4.9 million shares.
MLGO stock is up 112.7% as of Monday afternoon. Investors will note that these gains have almost completely wiped out the losses MLGO stock has seen since the start of the year.
Investors on the lookout for even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Monday! A few examples include what’s going on with shares of Plug Power (NASDAQ:PLUG), Nio (NYSE:NIO) and Alimera Sciences (NASDAQ:ALIM) stock today. You can catch up on all of these topics by checking out the links below!
More Monday Stock Market News
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
