MingZhu Logistics (NASDAQ: YGMZ) was one of the notable gainers on Wednesday and ended up recording gains of as high as 15%. While it is true that the gains were considerable, it is also important to point out that there has been no recent news about the company and hence, the rally remains a bit of a mystery.
Such gains are not uncommon in the stock market; however, it is necessary for investors to take a closer look at the company’s business in order to make up their minds.
MingZhu is based out of China and is involved in the trucking services industry. The company announced its unaudited financial results for the six-month period ending June 30, 2020, back on December 30 last year. The revenues for the period came in at $9.7 million and reflected a drop of as low as 8.2% year on year. Income during that period stood at $312,000, which was again lower than the $588700 earned in the year-ago period.