Alfi (NASDAQ:ALF) stock is on the move today despite a lack of recent news concerning the rideshare company.
The most recent announcement from Alfi came out last week. That saw the company giving out tablets to drivers to make it easier for them to accept payments from customers. However, that doesn’t explain today’s stock movement.
Instead, it’s more likely that ALF stock is being targeted by retail traders. Backing that idea up is chatter on social media from some big accounts in the day trading space. That alone would be enough to rally traders to pump the stock higher.
Adding to this idea is heavy trading of ALF stock today. As of this writing, more than 10 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 330,000 shares.
It’s worth pointing out that ALF stock is firmly in the penny stock range. The company’s market cap is only about $34.613 million and shares of the stock closed out trading on Friday at $2.06 each.
So what does that mean? To put it simply, that low entry point makes it easy for retail traders to buy up large shares of the stock and boost its price. However, that almost never holds, which means investors will want to be wary about taking a stake in the company right now.
ALF stock is up 4.1% as of Monday morning but is down 14.9% since the start of the year.
There’s more hot stock market news for investors to dive into below!
InvestorPlace has all the latest stock news that traders need to know about for Monday. Among that are highlights from Warren Buffett’s annual letter, this morning’s biggest pre-market stock movers, as well as oil price predictions. You can find all of this news at the following links!
More Stock Market News for Monday
- BRK.A, BRK.B: 17 Key Takeaways From Warren Buffett’s Annual Letter 2022
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- Oil Price Predictions: How Hot Will Crude Oil Get in 2022?
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.