Shares of MOGU (NYSE:MOGU) rocketed 60% higher during trading on Tuesday, though by the market's close it ended up "only" 24% higher.
There was no apparent news that should have triggered the surge, other than the Chinese fashion and lifestyle company's announcement yesterday it would be reporting fiscal first-quarter earnings next week. While investors might be hopeful about what this small-cap stock will report, it's doubtful they're that excited.
Massive spikes in the share price -- and equally large declines -- have been the hallmark of MOGU's stock lately. Most recently, at the end of July, it shot 60% higher on no news again -- only to give back almost all the gains over the next three weeks, before mounting this latest rally.
With the stock oscillating between $2 and $3 a share, investors should be accustomed to the roller-coaster ride MOGU offers. The biggest gains today were once again given back, and it may be another month before it attempts its next big move.