Why Is Agrify (AGFY) Stock Up 57% Today?


  • Agrify (AGFY) stock is rising on Tuesday alongside a new installation.
  • The company installed its PX-30 Hydrocarbon Extraction System at a Lume Cannabis location.
  • This has investors excited and brings with it heavy trading of AGFY stock today.
AGFY Stock - Why Is Agrify (AGFY) Stock Up 57% Today?

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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!

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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.

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