Benzinga | Oct 21, 2020 10:38AM EDT

Why Weidai's Stock Is Trading Lower Today

Weidai (NYSE:WEI) shares are trading lower on Wednesday potentially on profit-taking after the stock rose roughly 160% yesterday.

Weidai is engaged in the online finance marketplace business in the People's Republic of China. The company's platform connects borrowers, the majority of which are small and micro enterprise owners, with both online investors and institutional funding partners.

Weidai shares traded down 48.34% to $2.65 on Wednesday at the time of publication. The stock has a 52-week high of $6.50 and a 52-week low of 73 cents.