American Virtual Cloud Technologies (NASDAQ:AVCT) stock is taking off on Wednesday and we’re diving into the reasons why!
There’s no direct news from the company that would send AVCT stock higher today. Instead, it looks like rumors on Reddit, alongside heavy trading, are behind the stock’s movement today.
Over on r/ShortSqueeze, traders are discussing a rumor that the company will be acquired soon. This specific rumor claims that MasTec (NYSE:MTZ) will acquire the company.
The idea of an upcoming acquisition has AVCT stock seeing heavy trading today. As of Wednesday morning, some 33 million shares of the stock have changed hands. That’s a massive jump from the company’s daily average trading volume of about 11.9 million shares.
Keeping that in mind, here’s what traders need to know about this meme penny stock!
- American Virtual Cloud Technologies is a UCaaS, cybersecurity, and IT solutions company.
- It has more than 900 enterprise customers, which includes over 350 managed services clients.
- The company’s goal is to be the best option in “reliable and secure managed cloud services, hardware, and software.”
- Leading American Virtual Cloud Technologies is CEO Darrell Mays.
- Prior to joining the company, he served in an executive role at MasTec from 2008 to 2016.
- He took up that position after MasTec acquired his wireless startup in August 2008.
- American Virtual Cloud Technologies currently has a market capitalization of $168.683 million.
ACVT stock is up 17.7% as of Wednesday morning.
Investors seeking more stock market news today are in the right place!
We’ve got all the latest stock news that traders need to know about. That includes what’s happening with Naked Brand (NASDAQ:NAKD) shares today, this morning’s biggest pre-market stock movers, and more. You can get all that info at 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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Read More: Penny Stocks — How to Profit Without Getting Scammed