China's Golden Sun stock tumbles 29% after soaring 92% in previous session

Sep. 26, 2022 1:52 PM ETGolden Sun Education Group Limited (GSUN)By: Val Kennedy, SA News Editor

Definition of "IPO"

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China's Golden Sun Education (NASDAQ:GSUN) stock tumbled midday Monday after soaring nearly 100% in the prior session.

Shares of the tutorial services provider opened at $40.88, reaching a high of $49.50 in early trading before dropping to a low of $30.41 in late afternoon. The stock recently changed hands at $37.71, down 29% from Friday's close, at approximately 1:30 p.m. ET.

Golden Sun shares rocketed as high as $95 on Friday before closing at $52.89, up 92% from Thursday's close. The stock was halted several times during Friday's session for volatility. The company did not appear to have released any news or made any SEC filings on Friday.

Golden Sun held an initial public offering on June 22, offering 4.4M shares priced at $4 per share to raise nearly $18M. The stock has been volatile ever since, hitting a 52-week low of $13.41 on June 22 and a 52-week high of $95 on Aug. 19 and Sept. 23.

For a more in-depth look at Golden Sun, check out SA contributor Donovan Jones’s “Golden Sun Education Seeks $23 Million in US IPO”.

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