Luokung Technology (NASDAQ:LKCO) Shares Down 7.9% – Here’s What Happened

Luokung Technology Corp. (NASDAQ:LKCO)’s stock price dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $1.63 and last traded at $1.70. Approximately 83,003 shares traded hands during mid-day trading, an increase of 164% from the average daily volume of 31,453 shares. The stock had previously closed at $1.84.

Luokung Technology Stock Down 7.9 %

The business has a 50 day simple moving average of $1.85 and a 200-day simple moving average of $2.65.

Hedge Funds Weigh In On Luokung Technology

A hedge fund recently bought a new stake in Luokung Technology stock. Citadel Advisors LLC acquired a new stake in Luokung Technology Corp. (NASDAQ:LKCO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 37,691 shares of the company’s stock, valued at approximately $69,000. Citadel Advisors LLC owned approximately 0.55% of Luokung Technology at the end of the most recent reporting period. Institutional investors own 14.62% of the company’s stock.

Luokung Technology Company Profile

Luokung Technology Corp., together with its subsidiaries, engages in the provision of location-based services and mobile application products for long distance rail travelers in the People’s Republic of China. It offers Luokuang mobile application, which provides business to customer (B2C) location-based services; and SuperEngine that offers business to business (B2B) and business to government (B2G) services in connection with spatial-temporal big data processing.