The shares plunged 68% yesterday after touching a record high
Chinese wastewater name Newater Technology Inc (NASDAQ:NEWA) has been on a volatile run this week. Even amid a positive day for Chinese stocks, the shares plummeted nearly 68% yesterday -- their biggest one-day loss ever -- to close at $9.26. Today, NEWA stock is up 13.4% in electronic trading, set to open back above the round $10 mark.
In response to this whipsaw price action, the company issued a statement, saying "it is not aware of the reasons for the recent volatility in its stock price." Newater Technology went on to say it has not "selectively disclosed any material nonpublic information to analysts, investors or others without concurrently making a widespread public disclosure," and that no executives have sold shares recently.
Looking more broadly at the charts, NEWA stock has a history of making big moves. After entering 2018 trading at $9.39, the shares shot as high as $21 in intraday trading on Jan. 17, after the firm announced a blockchain deal. NEWA went on to close that session down 24%, though, crashing alongside bitcoin.
The security quickly recovered, and rallied all the way up $28.20 on April 12 following news the company's technology was tapped by China's Ministry of Water. NEWA then retreated back near $11 before beginning its ascent into record-high territory -- topping out at an all-time peak of $29.69 yesterday shortly before the sharp sell-off began.
