Esports Entertainment (NASDAQ:GMBL) stock is rising higher on Thursday despite a lack of news from the online gaming and entertainment company.
Esports Entertainment hasn’t put out any new filings or press releases that would explain why its stock is up this morning. On that same note, there’s no new analyst coverage that would act as a catalyst for today’s rally.
Even so, investors are pumping up shares of GMBL stock with heavy trading this morning. As of this writing, more than 14 million shares have changed hands. For the record, that’s already well above its daily average trading volume of about 4.3 million shares.
One thing traders will want to note about GMBL is that it’s a penny stock. This comes from its low closing price of 14 cents on Wednesday and market capitalization of only about $3 million.
What That Means for GMBL Stock
Penny stocks are often incredibly volatile and that’s doubly true outside of normal trading hours. That’s often due to retail and day traders coming together to rally a company’s shares before leaving with the profits.
It’s possible that this is what has GMBL stock taking off on Thursday. If so, that means some investors are likely going to suffer when the stock gives up its recent gains. Essentially, be careful about taking a stake in GMBL today.
GMBL stock is up 27.3% as of Thursday morning.
Investors can catch up on more of the latest stock market news down below!
We’ve got all of the hottest stock market news that traders need to know about on Thursday! Among that is what has shares of Bruush Oral Care (NASDAQ:BRSH) stock rising, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the following links!
More Stock Market News For Thursday
- Why Is Bruush Oral Care (BRSH) Stock Up 70% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- WE Stock Alert: Is WeWork on the Brink?
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.
