Lytus Technologies (NASDAQ:LYT) stock is rising higher on Wednesday without any clear news from the India-based platform services company.
What is happening today is investors are seeing heavy trading of LYT stock this morning. More than 16 million shares of the company’s stock are being traded as of this writing. This is already well above its daily average trading volume of about 6.6 million shares.
While this type of movement might typically come alongside news, that isn’t the case today. There are no new press releases, filings, or analyst coverage that explain why shares of LUT stock are rallying on Wednesday.
One thing traders will keep in mind is that LYT is a penny stock. This comes from its prior closing price of just 8 cents and market capitalization of only about $3.27 million.
What That Means for LYT Stock
Being a penny stock opens LYT shares up to certain vulnerabilities. That includes extreme volatility. This can often be seen outside of normal trading hours.
It’s also possible that LYT had been targeted for a pump and dump. If that’s the case, then investors will want to be careful about taking a stake in the company right now. It might not be long before we see LYT give up this morning’s gains.
LYT stock is up 25.5% as of Wednesday morning but was down 32.9% year-to-date as of Tuesday’s close.
Investors looking for more of the latest stock market stories are in luck!
We have all of the hottest stock market news that traders need to read about on Wednesday! Among that is what has shares of SINTX Technologies (NASDAQ:SINT) 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 Wednesday
- Why Is SINTX Technologies (SINT) Stock Up 52% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Strong Earnings From Microsoft (MSFT) Stock Fail to Impress Wall Street
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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.
