Elevai Labs (NASDAQ:ELAB) stock is rocketing higher on Thursday as the skincare development company’s shares experience heavy trading this morning.
That has more than 9.4 million shares of ELAB stock changing hands of this writing. To put that in perspective, the daily average trading volume for Elevai Labs’ shares is closer to 1.2 million units.
Investors will note that this extreme stock movement comes without any recent news concerning Elevai Labs. The company has put out any new preleases or filings that explain the rise. There also hasn’t been any new coverage from analysts to explain why the stock is up today.
One thing that investors will want to keep in mind is Elevai Labs’ prior closing price of 68 cents. Combined with its market capitalization of around $11 million, this places it firmly in penny stock territory.
Why That Matters to ELAB Stock
Being a penny stock comes with certain disadvantages. That includes the potential for certain types of investors to manipulate the shares. This often sees stocks targeted for pumps and dumps.
That could be what’s happening with ELAB stock today considering the rapid rise and lack of news. If so, traders won’t want to jump in on this rally as a dip is likely to follow.
ELAB stock is up 57.4% as of Thursday morning.
Investors seeking out more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that investors need to know about on Thursday! That includes the biggest pre-market stock moers this morning, the latest news for Plug Power (NASDAQ:PLUG) and more. You can catch up on all of that at the following links!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Plug Power Continues to Squeeze Higher After Roth/MKM Upgrade
- January FOMC Meeting Seems to Take March Rate Cuts Off the Table
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 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.
