What's Going On With Ohmyhome (OMH) Stock?

Ohmyhome Ltd OMH shares are trading lower Tuesday after the stock rallied on abnormally high volume Monday. The company signed a Memorandum of Understanding (MOU) for the potential acquisition of a leading tech-enabled property management company in Singapore.

What Happened: Ohmyhome shares traded as high as $54 on Monday before pulling back significantly. The rally took place after the company signed an MOU to make a strategic investment in the Philippines market. 

"Philippines has always been a great market for property transactions. The quality of developers and their projects have improved significantly over the decades, and the country's economy has seen a strong rebound from COVID with a flourishing digital economy," said Rhonda Wong, CEO of Ohmyhome.

Just a day later, Ohmyhome signed another MOU for the potential acquisition of a Singapore-based property management company. 

"With a data and mobile-based platform, residents will have easier access to their condominium facilities, information and trusted services for their homes via a single platform," said Race Wong, COO of Ohmyhome.

Ohmyhome operates a property technology platform that provides property solutions and services for buying, selling, renting and renovating homes.

Ohmyhome's average session volume is approximately 536,000. Tuesday's trading volume has already exceeded 4.1 million, per Benzinga Pro data. The stock was also among the top trending tickers on Stocktwits at last check.

See Also: Why Viking Therapeutics Stock Is Trading Higher Tuesday

OMH Price Action: Ohmyhome shares were down 77.8% at $6.95 at the time of writing, according to Benzinga Pro.

Photo: Oleksandr Pidvalnyi from Pixabay.