Blue Hat (NASDAQ:BHAT) stock is rocketing higher on Thursday after the company announced plans to shelve a public stock offering.
Blue Hat was previously planning to sell shares and warrants of its stock in an effort to raise funds. However, the company is backing down from this plan. The company also says it hasn’t sold any securities as part of the proposed offering.
The positive movement for BHAT stock today likely has to do with traders celebrating the decision. Without a public stock offering, shareholders in the stock aren’t going to see their stake in the company diluted.
To go along with this news, shares of BHAT stock are seeing incredibly heavy trading today. As of this writing, a massive 151 million shares of the stock have changed hands. That’s an amazing jump compared to the company’s daily average trading volume of only about 263,000 shares.
BHAT stock is up 345% as of Thursday afternoon. However, the stock is still currently down 24% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market coverage that traders need to know about for Thursday! A few examples include why airline stocks are falling today, why a hedge fund is betting against AMC (NYSE:AMC) and why Weber (NYSE:WEBR) stock is heading higher today! You can catch up on all of this news at the following links below!
More Stock Market News for Thursday
- Airline Stocks Fall as American, United Continue to Cut Flights
- Top Hedge Fund AQR Is Betting Against AMC Stock. Here’s Why.
- Short Squeeze Hopes Take Weber (WEBR) Stock 13% Higher
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On the date of publication, William White did not hold (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.