Shares of Carver Bancorp, Inc. [NASDAQ: CARV] skyrocketed 47.10% at the time of writing on Friday. The share of the firm has now quadrupled in three days even as one of the bank’s largest shareholders revealed that he dumped his stake.
The New York-based bank serving African-American communities revealed Thursday afternoon that David Lu had dumped his entire holding in the bank. Lu was earlier Carver’s third-largest shareholder with 153,438 shares or 5.0% of the shares outstanding.
Shares of the firm soared 47.10% as the firm has gained +10.31 at the time of writing on Friday. Carver Bancorp, Inc. [NASDAQ: CARV] share price went from a low point around $5.15 to briefly over $38.87 in the past 52 weeks, though shares have since pulled back to $32.05. CARV’s market cap has remained high, hitting $78.59 Million at the time of writing.
Additionally, David T. Lu who has dumped its stake in the firm is the managing member of Hedgehog Capital LLC. He has sole voting and dispositive power with respect to shares owned by Hedgehog Capital LLC.