Alliance Entertainment (NASDAQ: AENT) stock is down 60% pre-market. This is ridiculous, nothing could cause AENT stock to fall this much. Obviously, except for the fact that the ticker is showing it has fallen that way. The reason is some small trades made at completely ridiculous prices. This sometimes happens with illiquid stocks. And when that happens, it’s an opportunity to make hay for us.
OK, yes, there is a risk here. This is not a bet on the farm. But that would be a wise guess. What happens is, alliance: “Alliance Entertainment Holding Corporation operates as a wholesaler, distributor, and e-commerce provider to the entertainment industry worldwide. The company sells gaming products, records, digital video discs and Blu-rays, compact discs, The company also offers consumer products and collectibles. The company also offers third-party logistics products and services. The company distributes physical media, entertainment products, hardware, and accessories through a multichannel strategy. ”
Okay, but this is not something you can expect to reduce by 60% in one day. At least, not unless you just published a terrible account or something, but you don’t really publish it.
Here’s what happened:
Click here for Allied Entertainment’s stock price Nasdaq
And that’s really all that happened. Last night’s closing price was $1.17. To date, he has had 2 trades for a total of 3 shares at outrageous prices. And that’s enough to drive the ticker down. What’s going to happen here is that as adults get into work, prices will rise again. Something near the end of last night.
The trading option for us is of course to fill the boots. Assuming you can find someone to sell it to you at such a low price. I doubt if there will be more than a few hundred pieces in stock at this price, but it’s worth a try. But if there is, we should be the ones who own it, right?
This all has absolutely nothing to do with the record distribution business or Allied Entertainment itself. Someone is messing with the pricing of his AENT stock. If you can trade at these ridiculous prices, you should trade as much as you can. Best guess here is that it will be well over $1 by lunchtime, if not earlier.
