Imperial Petroleum (NASDAQ:IMPP) stock is on the move Wednesday despite a lack of news from the oil company today.
Instead, it looks like retail traders are pumping up shares of the stock. This comes after it was highlighted by a major day trading Twitter (NYSE:TWTR) account yesterday. That likely explains why the shares are rising higher today.
Adding to that possibility, shares of IMPP stock are seeing heavy trading today. As of this writing, more than 135 million shares of the company’s stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 5.5 million shares.
Considering the fact that IMPP was only trading for around 80 cents per share at yesterday’s close, this definitely seems like a pump by retail traders. Just how long it can last is another question altogether.
As always, take care when investing in a penny stock rallying like this. While the stock is up right now, it’s likely we’ll see that price come falling back down once retail traders start selling their shares.
Imperial Petroleum is an international shipping transportation company. Its focus is on the delivery of petroleum and petrochemical products. The company was founded in 1981 and operates out of its headquarters in Evansville, Ind.
IMPP stock is up 36.9% as of Wednesday afternoon but is down 57.7% since the start of the year.
There’s more hot stock market news for investors to sink their teeth into below!
We’ve got all the latest stock news ready to serve for interested traders. That includes what’s happening with Russian stocks today, why shares of The Beauty Health Company (NASDAQ:SKIN) stock are rising, as well as the latest takes from analysts for Palo Alto Networks (NASDAQ:PANW) stock. You can find all of this info at the following links!
More Stock Market News for Wednesday
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- SKIN Stock: What’s Going on With The Beauty Health Company Today?
- Is PANW Stock a Buy After Earnings? 4 Analysts Weigh In on Palo Alto Networks.
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.