Why Is Mobilicom (MOB) Stock Up 49% Today?

  • Mobilicom (MOB) stock is climbing alongside heavy trading.
  • That’s despite a lack of news from the company.
  • This rally could be due to MOB being a penny stock.
MOB Stock - Why Is Mobilicom (MOB) Stock Up 49% Today?

Mobilicom (NASDAQ:MOB) stock is on the move Tuesday without any news concerning the cybersecurity company this morning.

Mobilicom hasn’t made any new filings with the Securities and Exchange Commission (SEC) or put out any press releases that would be behind today’s rally. Likewise, there’s no new analyst coverage that explains why the stock is rising today.

Despite this, shares of MOB stock are seeing incredibly heavy trading on Tuesday morning. As of this writing, more than 5.7 million shares of the company’s stock have changed hands. That’s already well above its daily average trading volume of about 222,000 shares.

One thing that investors will want to keep in mind about Mobilicon today is that it’s a penny stock. This comes from the company’s low closing price of $1.45 per share yesterday, as well as its market capitalization of just $6.995 million.

What That Means for MOB Stock

With its penny stock status, MOB is open to extra volatility compared to non-penny stocks. That’s due to how easily retail and day traders can target these stocks for pump and dumps. It could be that’s why the company’s shares are rising today. That also means there’s a danger that a drop will follow today’s rally.

MOB stock is up 48.6% as of Tuesday morning.

There’s more stock market news worth reading about below!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! Among that is what has shares of SuperCom (NASDAQ:SPCB) stock up, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the links below!

More Stock Market News for Tuesday

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Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/why-is-mobilicom-mob-stock-up-49-today/.

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