Why Is Chijet Motor (CJET) Stock Up 21% Today?

  • Chijet Motor (CJET) stock is up Friday alongside heavy trading.
  • That’s despite a lack of news from the company.
  • This may be due to its penny stock status.
CJET Stock - Why Is Chijet Motor (CJET) Stock Up 21% Today?

Source: shutterstock.com/Dmytro_Yushchenko

Chijet Motor (NASDAQ:CJET) stock is rising on Friday alongside heavy pre-market trading of the new energy vehicle company’s shares.

This has more than 8 million shares of CJET stock trading hands as of this writing. That’s already well above the company’s daily average trading volume of about 354,000 shares. Investors will also note that Chijet Motor’s float is 15.2 million units.

Investors will note that this movement comes without any clear news from Chijet Motor. That includes a lack of press releases or filings with the U.S. Securities and Exchange Commission (SEC). There’s also no analyst coverage that would act as a catalyst for this rally.

One thing traders will keep in mind is that CJET stock is a penny stock. This comes from its prior closing price of 29 cents per share and market capitalization of $50 million.

What That Means for CJET Stock

Heavy trading of a penny stock is often a sign of a pump and dump. It’s possible that this is what’s happening to CJET shares today considering the lack of news concerning the company.

If that’s the case, traders will want to be careful about taking a stake in Chijet Motor right now. While the stock is currently up, it might not stay that way for long amid volatility.

CJET stock is up 21.1% as of Friday morning.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest stock market news ready to go Friday! Among that is what has shares of Foxo Technologies (NYSEMKT:FOXO) stock up, the biggest pre-market stock movers this morning and more. All of that news is ready at the links below!

More Stock Market News for Friday

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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.

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