After filing for bankruptcy and closing all stores Stein Mart (NASDAQ: SMRT) jumps by 137.66% in premarket. Even before the lockdown, Stein Mart has faced issues with sales. Online brands could actually take Stein Mart’s customers away.
On Friday, the stock closed at $0.1094 after a sharp fall by 11.06% due to the announcement of the bankruptcy filing. Today’s move could be temporary if the company shuts down. It is factually up to management whether they want to keep or let it fade away.
SMRT is still penny stock after steep rise today. Hence, jumping onto this bandwagon isn’t late for gambling traders who may have hope in Stein Mart’s future.
Finance and Tech Contributor