MicroAlgo (NASDAQ:MLGO) stock is taking a beating on Monday after the company’s shares recently saw a massive rally.
Investors who watch MLGO stock no doubt noticed the company’s shares closed out normal trading hours on Friday up 110.4%. That rally came about after the company announced a new “backtracking search” algorithm.
MicroAlgo highlighted several benefits of its new algorithm. That includes “efficiency, accuracy and adaptability of problem-solving,” which should benefit its customers. With those promises came increased investor confidence, which led to the prior rally.
With that rally came an incredible amount of trading as well. When the closing bell rang on Friday, some 80 million shares of MLGO stock had changed hands. For the record, MicroAlgo’s daily average trading volume is closer to 1.3 million shares.
MLGO Stock Movement on Monday
Considering just how large Friday’s rally was, it makes sense that shares of MLGO stock would give up some of those gains. However, that doesn’t mean investors need to be overly worried about the stock.
Take into account the company’s trading volume today when considering this movement. The drop comes despite only about 365,000 shares having been traded on Monday morning. Looking at the company’s daily average trading volume of 1.3 million shares, this suggests today’s drop isn’t due to investors offloading a huge amount of shares.
MLGO stock is down 29.3% as of Monday morning.
Investors looking for more of the most recent stock market news on Monday will want to stick around!
We’re offering up all of the hottest stock market news that traders need to know about this morning. A few examples include why shares of Biophytis (NASDAQ:BPTS) and FaZe (NASDAQ:FAZE) stock are up, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
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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.