Shares of Webull (BULL) stock soared as much as 500% last Monday following its Apr. 11 merger with special purpose acquisition company (SPAC) SK Growth Opportunities. It hit an intraday peak of $79.56 per share, a 500% gain from its previous close of $13.25 per share, giving it a $30 billion market valuation.
Since then, though, it’s been a steady, daily decline for the online, app-based brokerage. It ended the shortened trading week at $26.33 per share, a 67% drop from peak to trough. Even at this reduced price, it’s not a discounted stock and investors should avoid buying BULL stock.
This post originally appeared at Money Morning.