CXApp (NASDAQ:CXAI) stock is on the rise Friday as the stock continues a massive rally that started late on Thursday.
That Thursday rally resulted in shares of CXAI stock climbing 345.6% by the time markets closed. With that came some 163 million shares changing hands. To put that in perspective, the company’s daily average trading volume is closer to 3 million shares.
That momentum is continuing into pre-market trading on Friday with more than 5.1 million shares of CXAI stock traded. With that comes another rise in price as the company’s shares are up 212.7% as of this writing.
What’s Behind the CXAI Stock Rally?
While there’s no specific news from the company that explains today’s gains, we have some ideas. First off, note that CXAI stock is fairly new to the market. The company’s shares went public last month via a special purpose acquisition company (SPAC) merger.
Investors will also keep in mind that CXAI is an artificial intelligence (AI) stock. That sector has seen some wild movement over the last couple of months. This is due to increased investor interest following the viral success of ChatGPT.
Finally, CXAI stock’s market capitalization is sitting at around $84.55 million. Combine that with its share price of $7.13 when markets closed yesterday and it’s still a penny stock. That means it’s more susceptible to volatility, such as what’s happening this morning.
Investors seeking out more of the latest stock market news will want to continue reading!
We’ve got all of the hottest stock market coverage traders need to know about on Friday. That includes the biggest pre-market stock movers this morning, what had stocks up yesterday and more. You can find all of that news at the following links!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
