Siebert Financial stock rockets nearly 5-fold on heavy volume, with no news released

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Shares of Siebert Financial Corp. (SIEB) blasted 373% higher toward a more than two-year high on heavy volume Friday, enough to pace all premarket gainers. Trading volume swelled to 6.7 million shares, compared with the full-day average over the past 30 days of about 24,500 shares. The company, which conducts its retail brokerage business through its Muriel Siebert & Co. Inc. subsidiary, confirmed that it has not released any news Friday. The last press release was on Nov. 16, when Siebert said it hired Anthony Palmeri from J.P. Morgan Chase & Co.’s (JPM) and Jerry Losurdo from TD Prime Services to lead its securities finance group. The stock was on track to open at the highest price seen during regular session hours since September 2018. The stock, which short interest of 3.7% of the public float (link) according to the latest data, has slipped 1.1% over the past 3 months through Thursday and has dropped 51.1% over the past 12 months, while the S&P 500 has gained 14.4% the past three months and rallied 15.7% the past year.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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01-29-21 0829ET

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