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Chinese tutorial services provider Golden Sun Education (NASDAQ:GSUN) stock sank 25% in afternoon trading Friday after rallying the same percentage on Thursday following news that the company expects resume in-person instruction in Shanghai by the end of the month.
Shares of Golden Sun opened at $76.97, jumping to a high of $95 before sliding to a low of $48.16 in mid-morning. The stock recently changed hands at $49.72 at approximately 1:15 p.m. ET.
Golden Sun shares rallied 25% on Thursday, closing at $66.15 after the company announced it expects to receive government clearance to resume in-person tutoring in Shanghai by the end of August. In-person instruction had been suspended since March due to a COVID-19 outbreak in the region.
The company released its 1H earnings report on Aug. 16, which showed a 3% decline in revenue from last year’s quarter.
The company went public on June 22, offering 4.4M shares priced at $4 per share to raise nearly $18M.
For a more in-depth look at Golden Sun, check out SA contributor Donovan Jones’s “Golden Sun Education Seeks $23 Million in US IPO”.
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Image and article originally from seekingalpha.com. Read the original article here.