MGT Capital's stock plunges in active trade, reversing earlier surge to 3 1/2-year high
Shares of MGT Capital Investments Inc. plunged 23% in active morning trade, reversing an earlier intraday surge of 34%, putting it on track to snap a seven-session win streak. With volume of 49 million shares, the stock was the most active trading on U.S. exchanges, according to FactSet. At the intraday high of $5.58, the highest price seen since November 2012, the acquisition firm's stock had rocketed more than 15 fold since May 6, when it closed at 36 cents. The stock's recent spike up started with a 34% jump on May 9, after MGT announced plans to appoint John McAfee as its chief executive officer. McAfee founded antivirus software company McAfee Inc., which was acquired by Intel Corp. in 2010. McAfee is also known for escaping from Belize amid a murder investigation. Separately, a regulatory filing Wednesday disclosed that Robert Ladd, current CEO of MGT, acquired a 5.01% stake in vitro diagnostic company Venaxis Inc. . That stake includes a 2.89% stake indirectly owned by MGT. Venaxis shares ran up 12% Wednesday, and have climbed 64% amid a four-session win streak.
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