Pineapple Energy (NASDAQ:PEGY) stock is rocketing higher on Thursday alongside heavy pre-market trading of the solar energy company’s shares.
As of this writing, more than 88.5 million shares of PEGY stock have changed hands. That’s a massive increase compared to its daily average trading volume of about 29.8 million shares.
Investors will also note that today’s movement builds on a recent rally. That saw shares of PEGY stock jump 47.5% higher on Wednesday with roughly 128.3 million shares traded.
What’s Behind the PEGY Stock Rally?
It’s worth mentioning that short interest in PEGY stock is 6,403,103 shares. That represents 10.18% of its float. This could be a sign that PEGY shares have been caught up in the recent meme stock rally and short squeeze.
PEGY being a penny stock also adds to this. That comes from its prior closing price of just 8 cents and its market capitalization of $7.834 million. Both of these open the stock up to volatility and manipulation by certain types of traders.
PEGY stock is up 57.3% as of Thursday morning. When markets closed yesterday, the company’s shares were still down 86.2% year-to-date.
Investors who are seeking out even more of the most recent stock market stories today are going to want to stick around!
We have all of the hottest stock market news that investors will want to read about on Thursday! That includes a dive into the biggest pre-market stock movers this morning, the latest news on the S&P 500 and Nasdaq Composite hitting new highs and more. All of this news is available below!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- The S&P 500 and Nasdaq Just Hit Record Highs. What Comes Next?
- The 5 Biggest Buyers of Faraday Future (FFIE) Stock
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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.
