Kaival Brands (NASDAQ:KAVL) stock is rallying higher on Tuesday despite a lack of news from the tobacco company.
That rise in price saw the stock reaching the second spot in our pre-market gainers’ list this morning. Since then, shares have continued to increase in price as more traders pile in with heavy trading.
As a result of that, KAVL stock has seen more than 67 million shares change hands as of this writing. That’s a massive jump compared to the company’s daily average trading volume of only about 503,000 shares.
So what’s behind the jump in KAVL stock today? It looks like retail traders are to thank. There’s plenty of chatter surrounding the company on social media. Also, its penny stock status makes it easy to pump and dump due to the low entry point.
Keeping that in mind, here’s what traders need to know about KAVL stock.
- Kaival Brands is the exclusive worldwide distributor of vaping products from Bidi Vapor.
- That includes the BIDI Stick vape, which is its flagship product.
- The company notes that BIDI Stick has reached the final stage of review by the U.S. Food and Drug Administration.
- It’s also looking to get into the hemp market with CBD oil products.
- Kaival Brands is still a young company having only been founded in May 2019.
- The company uplisted its shares to the Nasdaq Exchange in July after trading over the counter.
- Its current market capitalization is $65.438 million.
- Leading the company is president, CEO, treasurer, and director Nirajkumar Patel.
KAVL stock was up 54% as of Tuesday morning.
Investors looking for more hot stock today will want to stick around!
We’ve got coverage of the biggest stocks on the move Tuesday. A few examples include what’s happening with shares of Disney (NYSE:DIS), Grayscale Bitcoin Trust (OTCMKTS:GBTC), and Cloudflare (NYSE:NET). You can learn all about that at the following links!
More Tuesday Stock Market News
- Disney Stock Price Predictions: Where Will DIS Stock Go After a Historic Downgrade?
- Grayscale Bitcoin Trust News: 9 Things to Know Following SEC Filing to Convert $GBTC to Bitcoin ETF
- NET Stock Alert: What Is Reddit Saying About Cloudflare After Big Microsoft Deal?
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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Read More: Penny Stocks — How to Profit Without Getting Scammed