Akanda (NASDAQ:AKAN) stock is rocketing higher on Friday alongside heavy pre-market trading of the cannabis company’s shares.
This has more than 6.3 million shares of AKAN stock changing hands as of this writing. That’s a massive increase over its daily average trading volume of about 590,000 shares.
While there’s no news from Akanda today, the company did enact a reverse stock split yesterday. That saw it combine shares on a 1-for-40 basis. The company enacted this reverse stock split to boost the price of its shares above the minimum price required to remain on the Nasdaq.
What Else to Know About AKAN Stock
AKAN stock has a relatively low float of only about 2.74 million units. That makes today’s movement enough to have the shares volatile. This may be one of the reasons that traders are boosting the shares higher today.
Akanda is also a penny stock and this opens it up to volatility. That comes as certain types of traders may target it for a pump and dump. If that is what’s going on with shares today, then investors may want to avoid AKAN stock. While it’s rocketing higher now, it might not be long before it comes crashing back down.
AKAN stock is up 133.4% as of Friday morning.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers, the latest news for Fisker (OTCMKTS:FSRN) and more. All of this info is available at the following links!
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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.
