Millennium Group (NASDAQ:MGIH) stock is rocketing higher on Tuesday despite a lack of news from the delivery company.
There have been no new press releases for filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock is rising today. Additionally, there’s also no new analyst coverage of MGIH stock that would be behind today’s rally.
Even so, shares of MGIH stock are seeing incredibly heavy trading on Tuesday! As of this writing, more than 4 million shares have changed hands. For the record, that’s already well above its daily average trading volume of only about 613,000 shares.
Investors will also keep in mind that MGIH closed trading yesterday at $2 per share. Combined with its market capitalization of around $22 million, that makes MGIH a penny stock. Penny stocks are more volatile and subject to manipulation. That’s especially true outside of normal trading hours.
What to Know About MGIH Stock
Millennium Group is an investment holding company with a focus on paper-based packaging solutions in China and other parts of Asia. It was founded in 1978 and operates from its headquarters in Hong Kong.
Millennium Group is incredibly new to the public market. The company’s shares made their debut during an initial public offering (IPO) near the end of April 2023. That saw it sell 1.25 million shares for $4 each.
MGIH stock is up 45% during pre-market trading on Tuesday.
Investors can find more of the most recent stock market news ready to go below!
We’ve got all of the latest stock market stories that traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, as well as the hottest Reddit blackout news and more. You can catch up on all of these matters at the following links!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Reddit Blackout Alert: Why Is Reddit Down Today?
- KDNY Stock Alert: Why Short Seller Muddy Waters Is Betting Against Chinook
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 risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
