Carver Bancorp's stock rockets again, even after large shareholder sold off his stake
Shares of Carver Bancorp Inc. soared again in volatile morning trading Friday, and have now nearly quadrupled in three days, even as one of the bank's largest shareholders disclosed that he sold off his stake. The stock was up 71.9% to pace all gainers on major U.S. exchanges, on trading volume of 32.8 million shares, and have now rocketed 285% in three days. On Thursday, the stock closed up 106.9% on record volume of 95.4 million shares, but pared intraday gains of as much as 267%, after the New York-based bank serving African-American communities disclosed Thursday afternoon that David Lu, managing member of Hedgehog Capital LLC, had sold off his entire stake in the bank. Lu was previously Carver's third largest shareholder with 153,438 shares, or 5.0% of the shares outstanding, according to June 14 filing. The stock also rose 8.0% on volume of 5.3 million shares on Wednesday. The stock has now rallied 480% year to date, while the SPDR S&P Regional Banking ETF has advanced 23.4% and the S&P 500 has gained 15.9%.
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