Presto Automation (NASDAQ:PRST) stock is seeing massive gains on Monday despite a lack of news from the artificial intelligence ( ) company.
There have been no new press releases from Presto Automation that give reason to today’s rally. On that same note, there aren’t any recent filings with the Securities and Exchange Commission (SEC) that explain its gains on Monday.
What we are seeing is incredibly heavy trading of PRST stock today. As of this writing, more than 25 million shares of the company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 72,000 shares.
The company’s low average trading volume as well as its previous closing price of $1.39, put it in penny stock territory. That helps explain why shares are taking off today alongside the heavy trading.
What to Know About PRST Stock
Investors will also keep in mind that Presto Automation is an AI company with a focus on customer service. Presto is its main product, which handles drive-thru orders for fast food restaurants. The company has already seen success in this sphere with more than 277,000 products deployed.
Presto operates with two options for customers. They include Presto Voice and Presto Vision. Voice handles taking orders, while vision tracks drive-thru lines and offers more statistics to users. Restaurants can choose to equip Presto Voice without Presto Vision.
PRST stock is up 118% as of Monday morning!
There’s even more stock market news worth reading about below!
We’ve got all of the hottest stock market coverage traders need to know about on Monday! A few examples include why shares of Moderna (NASDAQ:MRNA), Nio (NYSE:NIO), and Prometheus Biosciences (NASDAQ:RXDX) stock are on the move today. We’ve got all that news ready at the following links!
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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.