MultiMetaVerse (NASDAQ:MMV) stock is on the rise Monday despite a lack of news from the Chinese animation and entertainment company.
There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock is up today. The same holds true for analyst coverage of MMV stock this morning.
However, investors will note that MMV is experiencing heavy trading on Monday morning. This has more than 9.9 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 69,000 shares. It’s also worth mentioning that MMV’s float is about 7.34 million shares.
Traders will also keep in mind that MMV is a penny stock. This comes from its low daily average trading volume, prior closing price of 62 cents and its market capitalization of only $19.5 million.
What That Means for MMV Stock
Being a penny stock opens MMV shares up to vulnerabilities. That includes manipulation by certain types of traders. For example, today’s movement could be penny stock traders pumping up the shares before dumping them for profits. All of this is to say that investors will want to be wary about taking a stake in MMV today.
MMV stock is up 104.8% as of Monday morning.
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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 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.
