SOS Stock Price and Forecast: Gains to close the week strong as Bitcoin price rebounds
- NYSE: SOS added 2.27% on Friday, as growth stocks bounced back after a painful week.
- SOS continues to transition to a full on Bitcoin mining company, deploying 5000 more Antminers.
- SOS has been the target of short seller reports recently, calling into question its legitimacy.
NYSE: SOS has been a popular stock on social media platforms like FinTwit and Reddit of late as investors look for companies that have exposure to the Bitcoin sector. On Friday, SOS closed the week strong adding 2.27% to close the trading week at a price of $7.67. Like with many Bitcoin mining stocks, volatility has been the name of the game for SOS as a zoom out on their monthly chart shows just how choppy each day has been. Shares are up over 800% over the past 52-weeks, but SOS is still down 50% from its 52-week high price of $15.88.
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SOS is just one of many companies based in China that have hopped on the Bitcoin bandwagon and dedicated its entire enterprise to mining the cryptocurrency. Investors may be confused if they read the company profile and see that SOS operates a cloud emergency rescue service, hence the name, that serves insurance companies, financial institutions, and medical institutions, amongst others. CFO Steven Li recently reported that the company had acquired a further 5,000 Bitcoin Antminers, which is the third batch that SOS has installed.
SOS Price prediction
SOS has also been the target of short seller reports, most recently from Hindenburg Research, the firm that uncovered all of Nikola’s (NASDAQ:NKLA) shortcomings. Hindenburg states that the SOS headquarters are deserted and that a second address associated with the company is vacant as well. There was also the discovery that there were some unscrupulous crypto transfers that were covered up as a purported takeover. All in all, it is a reminder that investors should do their due diligence before blindly investing in the hottest stocks.
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FXStreet
