Why Qutoutiao Stock Skyrocketed Today

Jeremy Bowman, The Motley Fool
·2 min read
Why Qutoutiao Stock Skyrocketed Today

Shares of Qutoutiao (NASDAQ: QTT) were soaring today even though there was no news on the Chinese mobile entertainment company. Qutoutiao stock had been hit hard in December; the company had struggled since July, when Chinese state television (China Central Television, or CCTV) accused the company of selling suspicious ads with false information at an awards show. About 12% of Qutoutiao shares were sold short as of the end of December, and many of those bears likely closed out their bets on Qutoutiao.