Mexco Energy (NYSEAMERICAN:MXC) news for Wednesday includes the MXC stock soaring higher despite there being no announcements. So with that in mind, what exactly has MXC stock taking off today?
It appears that short sellers are boosting MXC stock up higher as it’s moved over 48 million shares as of early afternoon. For comparison, the stock typically only moves an average of about 28,000 shares in a day of trading.
Investors eyeing MXC stock may want to be wary of the massive increase to its price without any news. It’s possible that once the short sellers are done with the stock, it will experience a plummet back down to a more reasonable price.
Outside of short sellers pushing MXC stock up higher in hopes of making a profit off the gains, there’s no other major news from Mexco Energy. It did announce a date for its annual meeting of shareholders yesterday, but that’s not enough to explain the massive movement its stock is seeing today.
Either way, the company will be holding its annual meeting of shareholders on Sept. 10 in Midland, Texas. The purpose of the meeting is electing directors, ratifying Weaver and Tidwell as its accounting firm for the year, voting on the compensation of executives, and other general matters.
Mexco Energy notes that investors need to have been on record at the close of business on Tuesday to vote in the annual shareholders meeting.
MXC stock was up 200.8% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.