CN Energy (NASDAQ:CNEY) stock is on the rise Wednesday as the manufacturer of wood-based activated carbon in China experiences heavy trading of its shares this morning.
That heavy trading has more than 11 million shares of CNEY stock changing hands as of this writing. That’s well above its daily average trading volume of about 227,000 shares. Also worth noting is CN Energy’s float of about 2.22 million shares.
Traders will keep in mind that this activity comes without any news from CN Energy. There are no new press releases or filings that explain why the stock is rallying today. The same holds true for analyst coverage of the shares.
Another thing that investors need to know about CN Energy is its penny stock status. That comes from its low prior closing price of $1.33 per share and its market capitalization of only about $6.2 million.
What That Means for CNEY Stock
Being a penny stock comes with certain disadvantages. Volatility is among them, as these stocks can see major jumps and drops without warning. This often happens as certain traders manipulate the price of the shares.
If that’s what is happening with CNEY stock today, then investors will want to be wary. It could mean that a fall will follow today’s rally — and no one wants to be stuck holding the bag.
CNEY stock is up 45.9% as of Wednesday morning.
There are more stock market stories worth diving into below!
We’re offering coverage of all the latest stock market news traders need to know about on Wednesday! Among that is what has shares of Greenbrook TMS (NASDAQ:GBNH) stock up today, the biggest pre-market stock movers this morning and more. You can catch up on all of these matters at the following links!
More Stock Market News for Wednesday
- Why Is Greenbrook TMS (GBNH) Stock Up 174% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Why Are Stocks Down Today?
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (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.
