WiSA Technologies (NASDAQ:WISA) stock is rocketing higher on Friday as recent interest in shares continues today.
That has WISA stock seeing heavy pre-market trading with some 26 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 15 million shares.
And this isn’t the first day that WISA stock has rallied alongside heavy trading. It saw more than 96 million shares change hands on Thursday. That resulted in the company’s shares closing out the day up 29.1%.
What’s Behind the WISA Stock Rally?
There’s no news this morning that explains why WISA shares are climbing higher. However, a U.S. Securities and Exchange Commission (SEC) filing from yesterday may help explain the movement.
That filing revealed that Goldman Sachs (NYSE:GS) holds 9.14 million shares of WISA stock. That makes it a more than 10% shareholder in the company, even if it’s through indirect ownership of the shares.
It makes sense that WISA stock would rally alongside this news. Also, the fact that WISA is a penny stock also explains how fast it has climbed. Penny stocks are more volatile, which makes them subject to more extreme rallies and retreats.
WISA stock was up 37.2% in pre-market trading on Friday.
Investors looking for all of the latest stock market news will want to stick around!
We’ve got all of the hottest stock coverage traders need to know about on Friday! That includes this morning’s biggest pre-market stock movers, as well as what’s going on with Mullen Automotive (NASDAQ:MULN) and more. All of that news is ready to go below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- MULN Stock: Preliminary Results Say Reverse Stock Split Is Coming
- FTX On Defense as U.S. Trustees, Sam Bankman-Fried Slam Legal Counsel
On Penny Stocks and Low-Volume Stocks: 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
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.