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China XD Plastics (NASDAQ:CXDC) the stock is up Wednesday, but not due to company news.

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CXDC’s stock increase appears to have less to do with the company itself and more to do with its low price. Penny stocks have garnered a lot more attention over the past year as retail investors pump and dump them for quick wins.

The intense trading in CXDC shares today seems to imply that this is the case. As of this writing, over 163 million shares have changed hands. This is a massive increase from the company’s average daily trading volume of 3.2 million shares.

While all of this extra activity may attract less risk averse traders, it’s not for everyone. Investing in a meme stock can be dangerous because it suffers from significant volatility. As such, investors will want to be careful before taking a position in CXDC stocks.

With that in mind, let’s take a look at what merchants need to know about China XD Plastics.

  • The company is a manufacturer of polymer composite materials in China.
  • It was founded in 1985 and debuted on the Nasdaq Exchange in 2009.
  • China XD Plastics’ main operations are from Beijing and operate five manufacturing plants around the world.
  • These facilities represent 779,000 square meters, 200 production lines and 700,000 tons of production.
  • The company has more than 600 clients, one of its main areas of interest being the automotive industry.

CXDC stock was up 76.1% on Wednesday afternoon.

There are more stock news worth checking out below!

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At the date of publication, William White did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, submitted to Publication guidelines.

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