Exela Technologies (NASDAQ:XELA) stock is on the rise Friday thanks to news about options trading.
According to a recent announcement from Exela Technologies, shares of XELA stock are now available for options trading via NYSE Arca. This started today, which is likely why the stock is heading higher today.
It’s also worth noting that XELA stock is a favorite for retail traders. The business process automation company was targeted by traders earlier this week for a short squeeze that sent shares higher. However, shares fell back down to normal trading levels over the last couple of days.
Even so, it’s possible that the options trading news today will be enough to draw day traders back to the stock for a time. As such, investors should expect heavy volatility for XELA stock over the next couple of trading days.
We’re already seeing the effects of this with XELA stock experiencing heavy trading today. As of this writing, more than 129 million shares of the stock have changed hands. That’s a massive increase compared to the company’s daily average trading volume of around 53.2 million shares.
XELA stock was up 3.6% as of Friday afternoon and is up 146.1% since the start of the year.
Investors looking for more hot stock news today will want to keep reading!
InvestorPlace stays on top of all the latest stock market news with our daily coverage of the space. A few examples of that include Square (NYSE:SQ) rising higher due to plans for a Bitcoin (CCC:BTC-USD) based business, the most active stocks trading on Friday, as well as TD Holdings (NASDAQ:GLG) soaring higher on plans to acquire two companies. Traders can learn all about these topics by following the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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