Wild Ride In FXCM Continues
FXCM Inc (NYSE: FXCM) shares are trading higher by $1.86 at $21.66 in Wednesday's session.
At this level, this issue has over doubled since its December 23 close of $10.80. Since its 1 for 10 reverse split, it has nearly tripled from it October 1 closing price ($8.01).
The only two slightly relevant news stories over this course of time has been an insider purchase of only 21,000 shares ($6.37) on December 16. Before that, on December 11 the company announced a $130 million buyback plan.
Over the past two days, the volume has been around 6 million shares compared to its 20 day average 1.6 million shares.
The issue is on pace to have another high volume day as 3.1 million shares have already changed hands with less than five hours remaining in the session.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.