Airspan Networks (NYSEMKT:MIMO) stock is taking off on Thursday despite a lack of news from the company.
There’s been no new press releases or filings with the Securities and Exchange Commission (SEC) that explain why shares of MIMO stock are rallying today. Additionally, there’s no new analyst coverage that would result in the stock rising today.
Even so, that doesn’t mean there is a reason for the gains. Shares of MIMO stock are seeing incredibly heavy trading as of this writing. This has more than 7.5 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to about 114,000 shares.
Another thing that investors will keep in mind is the company’s low closing price of 13 cents on Wednesday. Combine that with its weak daily average trading volume and market capitalization of $9.912 million, and it’s clear MIMO is a penny stock.
Why That Matters for MIMO Stock
Penny stocks are often subject to extreme volatility. The low entry price allows speculative traders to pump and dump the shares easily. That’s especially prevalent outside of normal trading hours. This may be what’s happening to MIMO stock this morning.
Airspan Networks is a telecommunications company based out of Boca Raton, Florida. It was founded in 1992 and went public in a $700 million special purpose acquisition company (SPAC) merger in August 2021.
MIMO stock is up 55.2% as of Thursday morning.
Investors looking for even more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock market stories for Thursday! Among that is what’s moving shares of GameStop (NYSE:GME) stock, the biggest pre-market stock movers this morning, and more. You can find all of this news at the following links!
More Stock Market News For Thursday
- Why Is GameStop (GME) Stock Down 22% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- MOBQ Stock Alert: Why Is Mobiquity 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.
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.