Vericity (NASDAQ:VERY) stock is on the rise Thursday morning despite a lack of news for the company in what could be a sign of a major mixup for investors.
It looks like the confusion surrounding VERY stock has to do with Very Good Food Company (OTCMKTS:VRYYF). The company’s stock just joined the TSX Venture Exchange under the VERY stock ticker, as well as the Canadian Securities Exchange.
Investors that are looking to take a stake in Very Good Food Company appear to be accidentally purchasing shares of Vericity stock instead due to the tickers being the same. Keeping this in mind, VERY stock has moved more than 26 million shares compared to its daily average of about 5,000 shares.
Interest in Vericity stock quickly propelled it higher this morning in pre-market trading. The stock has continued to climb since then as investors potentialy purchase shares of VERY stock by mistake.
A mix-up is the most likely reason for VERY stock’s climb higher today and some traders on social media have caught on.
$TWTR testing its mid march top after clubhouse chatter and strong week. EV games still in play with $GOEV leading the way, $VERY and not the very good food company is up for no clear reason. Morning show starts soon!$TSLA$UTME$IMMPhttps://t.co/bw1Xrq69iE
— tradertvneal (@tradertvneal) April 8, 2021
The confusion between Vericity and Very Good Food Company isn’t the first time something like this has happened. About a year ago Zoom Video Communications (NASDAQ:ZM) and Zoom Technologies (OTCMKTS:ZOOM) dealt with the same problem. Another similar mistake sent Signal Advance (OTCMKTS:SIGL) shares soaring higher earlier this year.
No matter the cause, shares of VERY stock are continuing to climb higher as of Thursday morning. This has shares of the stock sitting 88.2% higher than its close on Wednesday.
While the likely confusion surrounding Vericity might come back to bite investors, there are other companies up today for good reason.
The list of stocks rightfully rising this morning is long, but we can take some time to highlight a few. That includes Piedmont Lithium (NASDAQ:PLL), Immutep (NASDAQ:IMMP), and GameStop (NYSE:GME). Investors can learn more about what’s moving these stocks below.
More Stocks on the Move Thursday
- PLL Stock: Piedmont Lithium Stock Spikes on Huge Mining Update
- IMMP Stock: The Big Patent News Boosting Immutep Today
- GME Stock: Is Ryan Cohen About to Become Captain of the GameStop Rocket Ship?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
