What is "a bit" of a stock? I thought it was 1% but was told it is wrong

Answers

RGS answered a question in General Market.
1478 points

RGS answered 2 weeks ago …

Are you asking about of Drill Bit Stock. If its that then the stock is like this: " A term used to describe shares that trade for prices less than one dollar. The fractional prices are comparable to the diameter measures of drill-bits found in a hardware store.
Drill bit sizes are described by fractions of an inch whereas drill bit stocks would be reported as fractions of a dollar. Due to the decimalization of stock prices by major stock exchanges, drill-bit stock prices are no longer seen." Thanks

Read more from RGS