Hempacco (NASDAQ:HPCO) stock is falling on Friday but there’s no news about the company to explain that drop.
Instead, traders have to look at the company’s stock movement yesterday to understand today’s decline. The company’s shares saw a massive rally on Thursday that resulted in it closing out trading up almost 483%.
Considering just how much of a gain that is, it makes sense traders would see HPCO stock give up some of that the following day. That’s the biggest reason shares of the company’s stock are falling on Friday.
What Was Behind The Rally?
Hempacco stock got a boost after signing a deal with Snoop Dogg earlier this week. That saw the company agree to sell a new brand of marijuana products using the rapper’s name. While the deal was signed on Monday, the massive rally to HPCO stock didn’t come until a few days later.
That does make sense when investors consider the penny stock status of HPCO shares. That opens the company’s stock up to heavy volatility as investors can easily influence it with their buying and selling of shares.
In the case of trading yesterday, the rally was fueled by some 134 million shares changing hands. For comparison, the company’s daily average trading volume is about 2.3 million shares. Also, some 7 million shares of HPCO stock have changed hands on Friday as of this writing.
HPCO stock is down 63.6% in pre-market trading on Friday.
Investors searching for all of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Friday! That includes what has shares of SeqLL (NASDAQ:SQL) and ComSovereign (NASDAQ:COMS) stock up, as well as the biggest pre-market stock movers this morning. You can find all that news at the following links!
More Friday Stock Market News
- Why Is SeqLL (SQL) Stock Up 126% Today?
- Why Is ComSovereign (COMS) Stock Up 8,500% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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