Infobird (NASDAQ:IFBD) stock is gaining on Thursday even without any recent news from the software-as-a-service provider.
Investors looking for information behind the IFBD stock rally today won’t find much. The company hasn’t released any news reports or filings with the Securities and Exchange Commission (SEC) that give a reason for its gains today.
Instead, traders can point toward the heavy trading of IFBD stock to explain today’s movement. As of this writing, more than 2 million shares of the company’s stock have changed hands. To put that in perspective, the daily average trading volume for IFBD is only around 98,000 shares.
Investors will want to keep that low average trading volume in mind today. That, combined with a closing price of $1.21 yesterday and a market capitalization of just $5.551 million, makes IFBD a penny stock.
It’s worth pointing out IFBD’s penny stock status for a couple of reasons. First off, penny stocks are often subject to volatility, especially during pre-market hours. Secondly, these stocks are easier to manipulate by retail traders. These also help explain the stock’s rally today.
Other IFBD Stock News
While there’s no news about IFBD stock today, it did see a major change earlier this week. The company’s shares went through a reverse stock split on Monday. This saw it consolidate five shares into a single share of IFBD. It did so to boost its share price and regain compliance with Nasdaq listing rules.
IFBD stock is up 43.8% as of Thursday morning.
There’s even more stock market news traders will want to read about below!
InvestorPlace is home to all of the latest stock market stories for Thursday! That includes why shares of SeaStar Medical (NASDAQ:ICU) are up, the biggest pre-market stock movers this morning, and more. All of that news is ready to go with the following links!
More Stock Market News For Thursday
- Why Is SeaStar Medical (ICU) Stock Up 80% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Why Are Stocks Up Today?
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.
