Presto Automation (NASDAQ:PRST) stock is soaring higher on Thursday alongside heavy trading of the artificial intelligence (AI) and automation solutions company’s shares.
This has more than 8.1 million shares of PRST stock changing hands as of this writing. That’s already well above the company’s daily average trading volume of about 1.9 million shares.
It’s also worth noting that there is no new news from Presto Automation that explains the stock’s rally today. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC).
Are Outside Forces Moving PRST Stock?
What seems more likely is traders are flocking to PRST stock due to outside factors. Considering the company’s focus on AI, it could be Nvidia (NASDAQ:NVDA) is inadvertently boosting its shares this morning.
Nvidia has been causing an AI rally recently as it prepares for its GPU Technology Conference (GTC) next week. That conference includes a keynote presentation from CEO Jensen Huang at 4:00 p.m. Eastern on March 18.
PRST shareholders will want to keep this in mind as it could see AI stocks continue to rally next week.
PRST stock is up 76.9% as of Thursday morning. The stock was down 55.9% year-to-date when markets closed yesterday.
There are even more stock market stories worth reading below!
We have all of the hottest stock market news for Thursday! That includes the biggest pre-market stock movers this morning, the latest news for United States Steel (NYSE:X) stock and more. All of that info is ready to go at the following links!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- X Stock Alert: Why Joe Biden Is Sending U.S. Steel Plummeting Today
- 5 Big Investors Betting on NIO Stock
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.
