Inno Holdings (INHD) Ends Meme Rally on Profit-Taking

We recently published 10 Stocks Losing Big. Inno Holdings Inc. (NASDAQ:INHD) is one of the worst performers of Tuesday.

Inno Holdings fell by 16.63 percent on Tuesday to close at $3.96 apiece as investors resorted to profit-taking following what analysts called a “meme rally” in the previous day, bolstered by the Federal Reserve’s signal to cut interest rates.

At intra-day trading on Tuesday, Inno Holdings Inc. (NASDAQ:INHD) opened at $3.27, to a high of $4.03, before trimming gains toward the session. The closing price, however, remained at a whopping 202-percent gain prior to the meme rally.

According to analysts, investors loaded positions on expectations that it would benefit from the US central bank’s expected rate cuts.

Inno Holdings Inc. (NASDAQ:INHD), a holding company, operates a diversified business, including phone recycling, wholesaling, and construction products, among others.

In particular, its construction production business is expected to benefit from a projected boom in the residential market, thanks to lower borrowing costs that could prop up property buying.

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