The Atlantic American Corporation (NASDAQ: AAME) stock soared today by 6.57% to the current price of $4.54. The AAME stock was also the top 4 movers in the after-hours market, rising by more than 30%.
No press release by the Insurance Company
There is no specific news that came adjacent to the increase in the stock prices. However, on 18th March, as soon as AAME stock became the top four gainers in the after-hours trading, the news received hype.
Glimpse into AAME
Atlantic Corporation is an insurance holding company. It is also involved in the specialty markets through its subsidiaries in property, life, health, and casualty insurance industries. The primary insurance subsidiaries are American Safety Insurance Company, Bankers Fidelity Assurance Company, and American Southern Insurance Company.
What created the hype for the AAME stock
The news about being the top gainers in the after-hour market made rounds on stock-related social media pages where keen investors and stock-observers made positive and hopeful comments about the stock’s movements.
However, this isn’t news but just an action gaining hype. The real reason why the stock went up is still unknown.
This has happened before as well
A similar event took place more than a month ago, on 5th February 2021, when the shares of Atlantic American Corp. had soared 4 times due to massive volume transactions. The insurance company acknowledged the MarketWatch that it had not issued any press releases that could lead to this massive trade volume transaction. The AAME stock was on record for the highest close since before Black Monday. On that afternoon, the AAME stock also became the most significant gainer that was trading on major U.S exchanges and was the second most actively traded stock on NASDAQ.