ABVC BioPharma (NASDAQ:ABVC) stock is rocketing higher on Monday as investors on social media hype up the shares.
That surge in price started early this morning with ABVC shares being our biggest pre-market stock mover today. With no news from the company, the increasing attention from retail traders is the likely explanation for today’s movement.
So why is there so much interest in ABVC stock today? More than anything, it looks like we’re seeing a pump of ABVC shares. That’s been a common cause of penny stocks rising over the last year. This is due to traders getting together on social media, as well as in private Discord servers, to plan out stock manipulation.
Of course, that means there’s a significant risk to be wary of. After all, a stock can only stay pumped for so long before the eventual dump. Keep that in mind if you’re thinking about jumping in on ABVC stock today. You wouldn’t want to be among the traders left holding the bag.
The social media buzz moving ABVC stock also comes with heavy trading. As of this writing, more than 74 million shares of the stock have changed hands. That’s a massive increase over the company’s daily average trading volume of roughly 1.8 million shares.
ABVC stock was up 253.7% as of Monday morning but is only up 78.8% since the start of the year.
Investors looking for more stock market news today are in luck!
We’ve got all the latest stock coverage that traders need to know about for Monday. That includes what has shares of Ocugen (NASDAQ:OCGN), AMC Entertainment (NYSE:AMC), and Nio (NYSE:NIO) on the move today. You can get all those details from the links below!
More Stock Market News for Monday
- OCGN Stock Alert: This Covaxin Update Is Sending Ocugen Rallying
- AMC Stock Is Popping Higher Thanks to Encouraging Theater Revenue News
- NIO Stock Alert: The EV Delivery News Sending Nio Stumbling Today
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed