On March 14, Molecular Data Inc. (MKD) stock was trending in the premarket as it had increased by a good 23.95% at the last check. At the time of writing the volume of the shares exchanged was 4 million while the stock was trading at a price of $0.191 in the premarket. There is no official news or SEC filing from the company to explain the bullish trend.
In the previous trading session on Friday, the stock remained bearish with a loss of 12.49%. MKD stock closed the session at a value of $0.1541 per share as 11.54 million shares traded.
The technology-driven platform, Molecular Data Inc. operates a chemical e-commerce business in China through its subsidiaries. Founded in 2013, the company has a market capitalization of $28.16 million with its 164.45 million shares outstanding.
What is Happening with MKD?
With the ongoing instability in the market due to the Russia-Ukraine conflict, investors have been placing their bets on market classics like precious metals and basic materials. The inflation pressure and increasing sanctions on Russia resulted in energy stocks being a target. Subsequently, other sectors including healthcare stocks have suffered immensely lately as most plunged to new lows last week. MKD stock shared a similar fate with bearish momentum.
Although there is no official reason, MKD finally seems to be recovering well. It seems external factors like social media discussions and stock sentiment are responsible for the change of hearts of the investors. After having lost a huge 88.99% last year, the stock currently stands at a year-to-date loss of 29.31%.
Recent Titles & Awards
On January 19, the company announced receiving the 2021 Digital Service Innovation Enterprise Award. The 2021 Innovation Impact Initiative is launched by CCID, China Electronics Information Industry Research Institute, and Digital Economy Magazine.
Additionally, on the same day, the company was rated top 8 in the “Digitalization of the plastics industry” list. The “Top 100 list for China’s industrial digitalization in 2021” was released by the Research center of E-commerce and the E-commerce Platform.
MKD’s Recent Joint Venture
On December 14, MKD announced entering into an agreement for the formation of a Joint Venture for building supercomputing clusters in North America. Moreover, the new JV had plans for the construction of two plants in the U.S. In addition, the company expects to generate revenue of USD5 million and gross profit of USD4 million from the new business line.