Greenwave Technology Solutions (NASDAQ:GWAV) stock is rising higher on Tuesday alongside heavy pre-market trading of the metal recycling company’s shares.
That has more than 29 million shares of GWAV stock changing hands as of this writing. This is a massive surge in trading volume compared to the company’s daily average of about 4 million shares.
It’s worth noting that this heavy trading comes without any recent news from Greenwave Technology Solutions. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There’s also no new analyst coverage that would cause this rally.
One thing worth noting is GWAV stock’s penny status. That comes from its low prior closing price of just 6 cents and its market capitalization of only $9.801 million.
What That Means for GWAV Stock
Being in penny stock territory opens GWAV shares up to certain risks. That includes the ability for traders to pump and dump its shares. This is often what’s behind the heavy trading of penny stocks when there’s no other news to report.
All of that makes GWAV a risky stock to bet on today. While the shares are up right now, it likely won’t be long before they give up these gains. That could leave some unlucky traders left holding the bag.
GWAV stock is up 14.8% as of Tuesday morning.
Investors will find even more of the most recent stock market stories if they keep reading!
We have coverage of all the hottest stock market news for Tuesday! Among that is what has shares of Cyclacel Pharmaceuticals (NASDAQ:CYCC) stock up today, the biggest pre-market stock movers this morning and more. You can catch up on this news at the links below!
More Stock Market News for Tuesday
- Why Is Cyclacel Pharmaceuticals (CYCC) Stock Up 46% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Is a Giant Short Squeeze in Ginkgo Bioworks (DNA) 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.
