Society Pass (NASDAQ:SOPA) stock is on the move Tuesday as retail traders boost the company’s shares higher in a short squeeze.
The jump in price for SOPA stock today comes without any recent news from the company. Instead, heavy trading and activity on social media point to retail traders pumping up shares of the penny stock today.
That heavy trading has some 46 million shares of SOPA stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 8.4 million shares.
Before investors ride the wave on SOPA stock today, note that the company’s shares are in the penny stock range. The low entry price makes it easy for day traders to manipulate the value of the stock. That means we could see a crash in the near future as traders dump their shares after reaching the peak.
Keeping that in mind, here’s what traders need to know about Society Pass.
- Society Pass is developing a loyalty and data-focused marketing platform in Southeast Asia and South Asia.
- The idea here is to create loyalty from customers that generates more revenue for merchants while making purchases easier for users.
- The company notes that it already has more than 1.5 million registered users across over 3,500 merchants and brands.
- Society Pass was previously known as Food Society before changing its name in October 2018.
- The company was then incorporated under that name in November 2018 in Carson City, Nev.
- Its market capitalization is currently sitting at $97.831 million.
SOPA stock is up 57.8% as of Tuesday morning.
There’s more stock market news for investors to sink their teeth into below!
We’ve got a serving of the latest stock stories for hungry traders on Tuesday! A few courses to consider include what’s happening with shares of Valkyrie Capital Bitcoin Miners ETF (NASDAQ:WGMI), Peloton (NASDAQ:PTON), and Velodyne Lidar (NASDAQ:VLDR). You can find all of that at the following links!
More Tuesday Stock Market News
- WGMI ETF: 7 Things to Know as the Valkyrie Bitcoin Miners ETF Starts Trading Today
- Peloton Layoffs 2022: 7 Things to Know About the News Moving PTON Stock Today
- VLDR Stock Alert: The Amazon News Sending Velodyne Lidar Soaring 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.
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Read More: Penny Stocks — How to Profit Without Getting Scammed