Markets

Stock Alert: Kaixin Auto Holdings Tumbles 24%

(RTTNews) - Shares of Kaixin Auto Holdings (KXIN) are losing almost 24 percent or $1.95 in Tuesday's morning trade at $6.20, after strong gains in recent sessions and despite no company-centric news that could influence the stock.

Meanwhile, U.S. stocks are rising on Tuesday amid optimism lawmakers in Washington will reach an agreement on a new stimulus bill today. According to reports, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin "continued to narrow their differences" on the virus relief package.

Kaixin Auto, a subsidiary of Renren Inc. (RENN), operates as a used car dealership in the People's Republic of China.

Kaixin Auto has traded in a range of $0.40 to $13.40 in the past 52 weeks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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