Today's move caps off what has been a wild ride for Aquis over 2021 so far. Aquis is a company that, until 2021, had been drifting in relative obscurity for years. Between mid-2015 and the end of last year, the company had slowly lost around 80% of its value. Last year, Aquis even touched the depressingly low share price of less than half a cent.

But 2021 has seen a dramatic reversal of fortune for this company. After starting the year at 4 cents a share, Aquis rocketed by almost 2,000% between 16 and 25 February, when it reached a new all-time high of 82 cents a share. The difference between this company's 52-week low and 52-week high is an astonishing 27,233% The share price has subsequently slid from those highs, but remains well above where it was just two months ago.

So what is going on with Aquis?

Who is Aquis Entertainment?

Aquis is a gaming company (meaning gambling and casinos, not Monopoly) whose flagship asset is Casino Canberra, the only licensed casino in the Australian Capital Territory. Beyond this, the company also states that it is "actively looking to grow its Australian operations". Casino Canberra offers everything you would expect from a casino, including entertainment, bars and restaurants, accommodation and (naturally) gambling facilities.

Aquis also has a $307 million redevelopment proposal for Casino Canberra in its pipeline. This would expand the casino with luxury six-star villas, international-standard VIP offerings, more bars and nightclubs, and even a luxury shopping mall.

What's been causing the Aquis share price volatility?

This is one of the strangest movements that has occurred on the ASX this year so far, I'd wager. There is nothing that can be fully verified to have caused this massive re-valuation of Aquis Entertainment. Between 29 January and 18 February, the company delivered one announcement to the markets. That was a quarterly report on 29 January. Aquis' next announcement was a pause on trading on 18 February after an ASX query into the massive price movements that occurred in the days prior.

In response to this ASX 'speeding ticket', Aquis only had this to say: "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".

Even more mystifying is that these moves keep happening with no obvious catalyst. Just look at today. Aquis shares are up almost 50%. Yet the last major announcement from the company was 2 weeks ago (some financial statements). Looking at ASX trading volume data, we can see that today brought a massive surge in trades. Yesterday, approximately 453,000 Aquis Entertainment shares swapped hands. Today, the number is 2.9 million (and we're still a couple of hours away from market close).

Whatever is going on here, it remains a mystery. But if you love ASX drama, make sure to keep watching this company! At the current Aquis share price, the company has a rough market capitalisation of $62 million.

The post ASX stock of the day: Aquis Entertainment (ASX:AQS) explodes 48% higher appeared first on The Motley Fool Australia.

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.

The post The Aquis Entertainment (ASX:AQS) share price is now up 1,000% in a week appeared first on The Motley Fool Australia.

Where's the news?

Long story short, there is none, which is rather peculiar. The company's shares experienced the same situation yesterday, with abnormally high volumes and a stark price increase. Yesterday's rise of 216% prompted the ASX to issue the colloquial speeding ticket.

Aquis' query response provided no additional insight, making this whole situation a bit of a mystery. The company inferred it was as clueless about the reason for the price rise as the rest of us.

With the stratospheric price rise today, it's safe to say the ASX will be even more intrigued. To put the movement into context, the Aquis share price has nearly increased by 15 times, in the space of 3 days.

Not to mention the off-the-charts volume being experienced by the company. Today's volume is currently around 12.5 million shares traded. The monthly average for this micro-cap share is 86,000 – mindboggling!

Keeping an eye on the Aquis share price

The ASX will be following along closely after such an abnormal increase in interest in what is a fairly inconspicuous share.

There are many possibilities for such a scenario: potentially a fund is building a position, inside buying (which will need to be disclosed), an upcoming announcement, etc.

For now, we will wait with keen interest on further developments.

At the time of writing, the Aquis share price is swapping hands for 51 cents apiece. 

The post Aquis Entertainment (ASX:AQS) share price boosts 365% in second day of triple-digit gains appeared first on The Motley Fool Australia.