Hour Loop (NASDAQ:HOUR) stock is rocketing higher on Tuesday despite a lack of news from the U.S. e-commerce company.
Instead, it looks like investors can thank heavy trading for the rise of HOUR stock today. As of this writing, more than 6 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 about 18,000 shares.
To be clear, Hour Loop hasn’t put out any new press releases or filings that explain why its stock is up today. There also haven’t been any analysts weighing in on the stock that would give a reason for the rise.
What to Know About HOUR Stock
Even so, investors will keep in mind that HOUR is a penny stock. That comes from its low price of $1.58 per share at close yesterday, its market capitalization of $55.376 million, as well as the low average trading volume mentioned above.
This is worth pointing out as penny stocks can be incredibly volatile during pre-market trading. It’s not uncommon for speculative investors to single out shares for pumps during early morning trading. Keeping that in mind, it’s also possible that HOUR stock will give up much of its gains in the near term.
Hour Loop is an e-commerce company founded in 2013 that operates out of Redmond, Washington. The company made its public debut through a $6 million initial public offering (IPO) back in January 2022.
HOUR stock is up 205.4% as of Tuesday morning.
Investors looking for more of the most recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest on Ideanomics (NASDAQ:IDEX), and more. You can find all of that news below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Ideanomics (IDEX) Stock Surges 90% Ahead of Possible Delisting
- RIDE Stock Alert: Why Lordstown Motors Just Hit a New Low
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 risk.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
