Ucloudlink (NASDAQ:UCL) stock is on the move Tuesday as investors react to a massive amount of trading despite any recent news from the company.
After a month of trending downwards, UCL stock saw an incredible jump in trading after markets closed yesterday. That pushed shares higher throughout the night and saw the stock kick of trading today much higher than Monday’s close.
While there’s no reason for the recent movement, it is worth highlighting that UCL is firmly in penny stock territory. That means it’s susceptible to manipulation from retail traders. These traders collect online to plan out pumps of shares before later dumping the stock. That results in massive gains followed by quick crashes.
It’s likely that’s what we’re seeing today as shares of UCL stock are experiencing heavy trading. As of this writing, more than 8 million shares of the stock are on the move. That’s an immense increase over the company’s daily average trading volume of only about 179,000 shares.
Investors that are still interested in UCL stock after reading all that can stick around for a breakdown of the company below!
- Ucloudlink is a company focused on the mobile data traffic sharing marketplace.
- The company allows users to set up and share their data with others.
- This lets users experience high-speed connections with the help of mobile virtual network operators and mobile network operators.
- It promises high speeds, reliability, and competitive pricing for the data.
- The company is based out of Hong Kong, China, and currently has 578 employees.
- Ucloudlink was founded in 2014 and went through the initial public offering (IPO) process back in June 2020.
UCL stock is up 13.5% as of Tuesday afternoon.
Investors seeking more stock market news are in the right place!
We’ve got all the latest stock coverage that traders need to know about for Tuesday! That includes Rolls-Royce (OTCMKTS:RLLCF) news for today, what has Harley-Davidson (NYSE:HOG) stock revving up, as well as what to know about U.S. Treasury yields today. You can get all of that info from the following links!
More Stock Market News for Tuesday
- Rolls-Royce News: Why RLLCF Stock Is Rolling Higher Today
- HOG Stock: 10 Reasons Why Harley-Davidson Investors Are Doing Wheelies Today
- 10-Year Treasury Yields Today: What to Know as Yields Continue Climb Above 1.9%
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