Aquis Entertainment Ltd (ASX: AQS) shares are continuing to explode today. At the time of writing, the Aquis share price is up an extraordinary 84.62% to 48 cents after less than two hours of market trading.
Today’s moves mean Aquis shares have rocketed from the 4.6 cents per share that we saw last Thursday to the current price of 48 cents – a mind-boggling return of close to 1,000% in under a week.
Want another one? It was only 11 February when the Aquis share price was trading at 3 cents. That means for anyone who bought in back then, they would be enjoying a return of more than 1,400%.
But that’s not where it ends yet. Get ready for this one. Aquis’ 52-week range spans a low of 0.3 cents that was reached in March last year to 82 cents that we saw at one point last week. The difference in that range is a mind-blowing 27,233%. A gain like that would turn $1,000 into almost $300,000.
For some context, Aquis is a resort and gaming company that owns Casino Canberra in the Australian Capital Territory. So what on earth is going on with this company?
Aquis share price hits the moon
Well, the short answer is: no one knows. Or no one knows publically, I should say. There is no major news out of Aquis that might have triggered such an incredible re-valuation over the past week. In fact, the company’s last major piece of news released to the markets was back on 29 January. That was a quarterly update.
One could perhaps point to the woes currently being faced by fellow casino operator Crown Resorts Ltd (ASX: CWN) over the past couple of weeks as a potential catalyst. But that probably wouldn’t rationally explain the kind of moves the Aquis share price has undergone.
Today’s moves also come just days after Aquis was issued a ‘please explain’ speeding ticket by the ASX for its dramatic moves late last week. Aquis’ response was terse: “The Company is not aware of any information concerning it that has not been announced to market and which could be an explanation for the recent trading in the Company’s securities”.
Still, I’m sure the ASX will be even more interested in this company after today’s moves.
At the current Aquis share price, the company has a market capitalisation of $96.27 million.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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