On over 15 million shares FedNat (Nasdaq: FNHC) skyrockets 225% when the market opened. There should be a cause for this drastic pump. Since Fednat operates in Florida as an insurance company its shares would fall in case of death tolls due to the Ian hurricane with 5th category. Conversely, the stock is jumping.
Recovery cost for overall damage in Carolinas and Florida reaches billions of US dollars and property insurance companies should compensate with a certain amount. There is an unnatural pump made for FNHC shares. If the stock falls sharply on the next day we may conclude it was manipulated artificially with the limited number of buyers who are always regarded as whales.