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Why Shares of MingZhu Logistics Are Falling Today

TheMotleyFool

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Why Shares of MingZhu Logistics Are Falling Today

Shares of Chinese trucking company MingZhu Logistics Holdings (NASDAQ: YGMZ) are down nearly 40% on Friday morning, despite there being no apparent news. Then again, the company's shares gained nearly 300% in the days prior without any news on those days either, so it appears Friday's move is just a snapback for a highly volatile security.

MingZhu Logistics operates and manages a fleet of owned and contracted trucks and trailers out of regional terminals in China's Guangdong Province and Xinjiang Autonomous Region. The company went public in late October, raising $12 million by offering 3 million shares at $4 apiece, and the stock moved very little until this week.