Why is Anghami (ANGH) Stock Rocketing Today?

In today’s session NASDAQ: ANGH is soaring 130% after it opens at $10.96 per share. What’s the matter with the stock? 13 days ago it debuted as the first Arab tech stock in Nasdaq. Perhaps, a shady Sheikh from Dubai is buying ANGH to support the image of Arabian tech stock. This is just an assumption of an ordinary stock trader. There can be many factors for its quick growth.

On February 13, Simply Wall St has shared the ownership structure of the company. We witnessed that Anghami isn’t owned by hedge funds. Sheikh Al Brahim has 9.9% ownership which is the largest. And the second and third largest shareholders are Edgard Maroun and Elie Habib, 7.9% each is held. Other shares are owned by CEO and Chairman on the Board. Most of the shares are traded in public and none of the mentioned stockholders have control over the company.