Atlantic American stock rockets nearly four-fold toward 34-year high, with no news released

Shares of Atlantic American Corp.
AAME,
+117.57%
skyrocketed nearly four fold on massive volume, putting the on track for the highest close since before Black Monday. The Atlanta-based insurance holding company’s stock, up 272% in afternoon trading, was the biggest gainer trading on major U.S. exchanges. Trading volume exploded to 86.9 million shares, enough to make the stock the second most actively traded on the Nasdaq, and many multiples of the full-day average over the past 30 days of about 52,300 shares. The company confirmed to MarketWatch that it has not issued any press releases since it reported third-quarter results on Nov. 10. The stock, which is headed toward the highest close since April 1987, has now rallied 337.9% over the past 3 months, while the SPDR S&P Insurance ETF
KIE,
+0.80%
has edged up 1.3% and the S&P 500
SPX,
+0.39%
has gained 10.7%