Next eGo (NASDAQ:EGOX) stock is rocketing higher on Friday alongside heavy trading of the electric vehicle (EV) company’s shares.
Shares of EGOX stock are starting off Friday strong with more than 7.2 million units changing hands as of this writing. That’s already well beyond the company’s daily average trading volume of about 355,000 shares.
Investors will note that this increased trading activity doesn’t come alongside any news from the company. That means there are no press releases or filings behind the rally. No analysts are offering news coverage of the stock, either.
It is worth noting that Next eGo is a penny stock, with the company trying to get its shares back above the Nasdaq’s minimum bid price. The firm has until June 10, 2024 before delisting, although it may be eligible for an extension.
What’s Next for EGOX Stock?
With EGOX being a penny stock, it’s not too surprising that traders are seeing extreme volatility out of it this morning. This often happens with penny stocks, as it’s easier for certain types of traders to manipulate them.
That also means that investors will want to be careful about taking a stake in EGOX stock this morning. While shares are up now, it might not be long before they fall again once those pumping the stock lose interest in the company.
EGOX stock is up 115.7% as of Friday morning.
Investors looking for more of the most recent stock market stories are in the right place!
We have all of the hottest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning Marathon Digital (NASDAQ:MARA) stock and more. You can find out more on these matters at the following links!
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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.
