Big moves can be seen on a daily basis in the small-cap space. However, the impressive 175% move in Mangoceuticals (NASDAQ:MGRX) stock certainly has investors scratching their heads right now. Today’s surge in MGRX stock comes alongside very impressive trading volume, with more than 90 million shares traded versus an average of less than 290,000 daily.
This men’s health and wellness company appears to be trading on a few catalysts from recent days, but nothing specifically today.
Earlier this week, Mangoceuticals reported that its debut commercial crossed the 5 million view mark on YouTube. This ad, for the company’s premier “Mango” erectile dysfunction ( ) drug, appears to be garnering significant interest. In particular, the company’s focus on eliminating the fear associated with discussing ED appears to have caught the ear of consumers.
On top of that, the company announced yesterday that it will be “participating on the new Webull Corporate Communication services platform.” Webull is a trading platform aimed at younger retail investors. Accordingly, for those hoping for some sort of a short squeeze, this is the kind of news that’s music to the ears.
What’s Going on With MGRX Stock Today?
In the grand scheme of things, these two announcements shouldn’t add up to much. However, MGRX stock is easily categorized as a penny stock. Some amount of volatility can always be expected with such small-cap, low float stocks.
Accordingly, the best explanation for today’s move with Mangoceuticals appears to be tied to yesterday’s announcement that the company will be participating on the Webull platform. If enough speculators band together, we’ve seen the possibility for such moves. And given the company’s low float and perfect dynamics for short-term swings, we’re getting what many may have expected to see.
We’ll see if this move can be maintained. After all, there are some fundamental catalysts tied to the company’s marketing efforts. But as we’ve seen with so many momentum-driven moves in various meme stocks, what goes up often comes down — and fast. Personally, MGRX stock is too speculative for my blood right now.
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On the date of publication, Chris MacDonald 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.