Why Ohmyhome Stock Is Plummeting Today

Shares of low-float Ohmyhome Limited OMH are trading lower on abnormally-high volume and profit-taking after the stock rallied yesterday.

What Happened: On Monday, Ohmyhome experienced massive trading volume, seeing over 1.2 million shares exchange hands, compared to its daily average volume of 217,666 shares. The stock price skyrocketed 328.7%, reaching its 52-week high of $27.13 during Monday's trading hours.

On Tuesday, Ohmyhome stock has seen volume from profit-taking, with 1.73 million shares exchanging hands at the last check. Shares moved down 62.3%, triggering a circuit breaker multiple times, which halted trading of the stock intermittently Tuesday morning.

Much of the drop in price is attributed to profit-taking from Monday's session as we seen seemingly no company news that should have initiated such explosive price action and volume.

Ohmyhome is a data and technology-driven property technology company based in Singapore. Through its subsidiaries, it operates a one-stop-shop property platform that provides end-to-end property solutions and services for its customers.

According to data from Benzinga Pro, Ohmyhome shares were down 55.5%, trading at $11.56 at the time of publication. The stock has a 52-week high of $27.13 and a 52-week low of $3.80.