Why Is iSun (ISUN) Stock Up 47% Today?

  • Isun (ISUN) stock is up on Wednesday alongside heavy pre-market trading.
  • That’s despite a lack of news from the solar energy company.
  • This may be due to it being a penny stock.
ISUN Stock - Why Is iSun (ISUN) Stock Up 47% Today?

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Isun (NASDAQ:ISUN) stock is rocketing higher on Wednesday alongside heavy trading of the solar energy services and infrastructure company’s shares.

As of this writing, more than 15 million shares of the stock have changed hands, which is well above the company’s daily average trading volume of about 327,000 shares.

It’s worth noting that this movement comes without any news from iSun. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There’s also no analyst coverage that would cause today’s rally.

One thing that traders will keep in mind is ISUN’s penny stock status. This comes from its prior closing price of 13 cents and its market capitalization of only about $6.255 million.

What This Means for ISUN Stock

Being a penny stock opens ISUN up to manipulation from certain traders. That could explain today’s rally on no news. If that’s the case, investors may want to avoid the stock in case it comes crashing back down.

It’s also worth noting that ISUN was previously planning to adjust its share price. It was going to do this through a reverse stock split announced last month. However, the company withdrew plans for the split after its reveal.

ISUN stock is up 46.8% as of Wednesday morning.

Below are more stock market stories traders will want to read!

We have all of the hottest stock market news for Wednesday! That includes the biggest pre-market stock movers this morning, the latest news concerning shares of Nvidia (NASDAQ:NVDA) and more. All of this info is available at the following links!

More Wednesday Stock Market News

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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.

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