AgriFORCE Growing Systems (NASDAQ:AGRI) stock is rocketing higher on Friday as the agriculture technology company’s shares see heavy trading.
During early morning trading, more than 20 million shares of AGRI stock have changed hands. To put that in perspective, the daily average trading volume for the company’s shares is closer to 4.7 million shares.
Investors will note that this rally for the stock and heavy trading comes without any recent news. There have been no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain today’s movement. There also isn’t any new analyst coverage acting as a reason for this surge.
What’s Behind the AGRI Stock Rally
Even without any news, investors will keep in mind one reason the stock could be seeing such extreme movement today: AGRI is a penny stock. That comes from its low closing price of just 10 cents on Thursday as well as its market capitalization of around $4 million.
That matters as it means shares of AGRI stock are subject to more volatility. This typically happens outside of normal trading hours. The cause of this is oftentimes retail or day traders coming together to pump a stock up before dumping it. That may be what’s going on with AGRI shares today.
AGRI stock is up 74.2% as of Friday morning but was down 90.6% year-to-date (YTD) when markets closed on Thursday.
Investors seeking even more of the most recent stock market news will want to keep reading!
We’ve got all of the biggest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning a potential stock market crash, and more. All of that news is ready to go at the links below!
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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.
