Consumer Discretionary Author：Qasim Khan Jul 09, 2020 04:06 PM (GMT+8)

The Chinese edtech firm, which has been on the watch list of renowned US research firms, has seen its stock price soar over the past few weeks.

soaring stocks. Image credit: Nick Chong/unsplash

GSX Techedu stock closed trading at USD 78.22 as of Wednesday, July 8, an increase of USD 9.16, or 13.17% from the previous closing price of USD 69.06. The stock traded between USD 69.84 and USD 83.13, pushing the total market value to a staggering USD 18.672 billion. 

The market value is increasing by each day, even after being shorted 11 times by research firms such as Muddy Waters, Citron Research, Grizzly Research and Scorpio VC. The latest report was published by EducationEquity – research based on Grizzly Research’s’ open-source data, saying GSX gave their explanations about some of the short-seller questions, but always evading the important subject under discussion, and giving many false and misleading responses.