I suspect it was a pump and dump where some traders with plenty of money made relatively large purchases in the premarket, with the goal of inflating the price before market opens.
After the price increased significantly and other suckers (sorry, traders) started buying at higher prices, without bothering to check if there are any news that justify the price increase and spike in .
After the market opened, they masterminds of the operation dumped a lot more shares than they purchased in premarket, at the higher price. They either had owned stock before or they borrowed it after the price increase.
The stock is losing money (income of -21 million dollars) and it has negative ROA, ROE, ROI . The analysts ratings are poor. One recommends Hold and one Sell. Zacks doesn't have any rating for it.
So without some great news, there was no reason for the increase. The only news that could have triggered the increase was the reports for Tdm Asset Management reporting a 9.13% passive stake in Davidstea.
Which is definitely not an important news to justify the higher price attained during the last two days. I made a small purchase early in the premarket and I was up almost 10% in less than 5 minutes. For some reason, I got greedy and I expected more. How much more? I didn't decide at the time, which is a major mistake. Then it all came crashing down. I was one of the suckers :) Hopefully I'll learn something out of this.