Agrify (NASDAQ:AGFY) stock is taking off on Tuesday as investors celebrate the company reaching a milestone at Lume Cannabis’ Michigan facility.
According to a press release from Agrify, it has successfully installed a PX-30 Hydrocarbon Extraction System at the Michigan location. This is an upgrade over the previous Agrify XMU Hydrocarbon Extraction System used at this facility.
Stan Gourentchik, Lab Manager at Lume Cannabis, said this about the new Agrify PX-30 Hydrocarbon Extraction System:
“Having owned a Precision XMU for the past year and a half, the Precision PX-30 was the natural choice for Lume when we decided to expand our resin extraction capabilities. The Precision Extraction team has been great to work with and we appreciate their efforts to do anything in their power to ensure their customers have a smooth installation and startup experience.”
What This Means for AGFY Stock
This successful installation of the PX-30 Hydrocarbon Extraction System shows that there continues to be demand for Agrify’s products in the cannabis and hemp sectors. This has investors excited about the potential of other locations choosing Agrify for their extraction technology.
AGFY stock is up 57.4% as of Tuesday morning, with more than 30 million shares changing hands as of this writing. That’s already well above its daily average trading volume of about 2 million shares.
Investors who want more of the latest stock market stories are in luck!
We’re offering up all of the hottest stock market news worth reading about on Tuesday! A few examples include what’s going on with shares of Invitae (NYSE:NVTA), UBS (NYSE:UBS) and EHang (NASDAQ:EH) stock today. You can find more on these topics at the links below!
More Stock Market News for Tuesday
- NVTA Stock: Invitae Plunges 78% on the Brink of Bankruptcy
- UBS Layoffs 2024: What to Know About the Latest UBS Job Cuts
- Why Is EHang (EH) Stock Up 9% Today?
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 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.
