Bluejay Diagnostics (NASDAQ:BJDX) stock is rising higher on Friday despite a lack of news from the medical diagnostic company.
There have been no new press releases or filings with the Securities and Exchange Commission (SEC) that explain why the stock is rallying this morning. To go along with that, no analysts have offered new coverage that would serve as a catalyst for the stock’s gains today.
Instead, investors can look to heavy trading of BJDX stock as the reason it’s climbing higher on Friday. As of this writing, more than 2.9 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 582,000 shares.
What could be behind the major movement of BJDX stock is its low price and market capitalization. Bluejay Diagnostics’ shares closed out trading on Thursday at about 22 cents per share. It also has a market cap of $5.086 million.
Why This Matters for BJDX Stock
Both its market cap and low trading price cement BJDX as a penny stock. That’s worth noting, as this allows for easy manipulation of the company’s shares. That means the rally the stock is seeing this morning could be the start of a pump and dump. If so, that could leave some investors seeing read it they jump in on the highs and get stuck with the lows.
BJDX stock is up 16.7% as of Friday morning.
Investors looking for even more of the most recent stock market news will want to stick around!
We have all of the biggest stock market stories that traders need to know about on Friday! Among that is what has shares of Gorilla Tech (NASDAQ:GRRR) stock up, the biggest pre-market stock movers from this morning, and more. All of that news is ready to go at the following links!
More Stock Market News For Friday
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- Why Is Opera (OPRA) Stock Up 280% in 2023?
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.