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.

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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.