Fangdd Network (NASDAQ:DUO) stock is rocketing higher on Friday alongside heavy pre-market trading of the investment holding company’s shares.
This has more than 19.6 million shares of DUO stock changing hands as of this writing. That’s well above the company’s daily average trading volume of about 1.6 million shares.
This heavy trading comes despite a lack of news from Fangdd Network. That includes no new press releases or filings with the Securities and Exchange Commission (SEC).
However, this is a week of meme stock rallies. Several companies have seen massive movements in their shares without any news to report. This comes with the return of Roaring Kitty, the individual who started the 2021 meme stock rally.
What to Know About DUO Stock
It’s also worth mentioning that DUO is a penny stock. That comes from its prior closing price of 40 cents and its market capitalization of only $2.577 million. This opens it up to volatility as traders can easily manipulate its shares.
Adding to that is a deadline approaching for DUO stock. The company has until June 10, 2024, to get its stock back above the $1 minimum bid price. If it fails to do so, the company’s shares may be in danger of being delisted.
DUO stock is up 287.8% as of Friday morning.
There are more stock market stories traders need to know about below!
We have all of the hottest stock market news for Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning cannabis stocks and more. All of this info is ready to go 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 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.
