Caravelle (NASDAQ:CACO) stock is on the move Wednesday as the company’s shares see extreme volatility following their public debut.
CACO stock has been on a wild ride after completing its special purpose acquisition company (SPAC) merger with Pacifico at the start of the week. This saw the company’s shares make their public debut on Monday.
On the day of its debut, CACO stock was doing well with its shares climbing 16% higher. That was on top of the stock gaining as PAFO shares prior to the SPAC merger reaching completion.
CACO Stock Couldn’t Keep The Gains
Unfortunately for investors in Caravelle, the company’s stock saw a massive drop the following day. That resulted in the company’s shares decreasing 59% on Tuesday and closing out the day with a value of $2.11 per share.
That drop in value continues today with the company’s stock trading at about $1.76 as of Wednesday morning. Investors will also note that CACO stock is down 15.2% at that same time.
It’s worth noting SPACs are sometimes targets of extreme trading ahead of and shortly after the deals close. This has the price of the stock seeing major gains but typically results in major losses as well.
In CACO’s case, some 3 million shares are on the move as of this writing. That’s well above its daily average trading volume of about 220,000 shares.
Investors searching for more of the most recent stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of FuelCell Energy (NASDAQ:FCEL), HTG Molecular Diagnostics (NASDAQ:HTGM) and Laser Photonics (NASDAQ:LASE) stock on the move today. You can read all about that at the links below!
More Wednesday Stock Market News
- Why Is FuelCell Energy (FCEL) Stock Down 20% Today?
- What Is Going on With HTG Molecular Diagnostics (HTGM) Stock Today?
- Laser Photonics (LASE) Stock Pops on Major Purchase Order
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.