MF International (NASDAQ:MFI) stock is rocketing higher on Wednesday alongside heavy pre-market trading of the Hong Kong-based financial trading solution provider’s shares.
This has more than 14 million shares of MFI stock changing hands as of this writing. That’s a massive surge compared to its daily average trading volume of about 1.5 million shares.
This heavy trading comes without any clear news from the company. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There’s also no analyst coverage that explains why MFI stock is rallying this morning.
What to Know About MFI Stock
One thing that traders will keep in mind about MF International is that it’s still incredibly new to the public market. The company’s shares only went public in late April. This saw 1,666,667 shares of MFI stock priced at $4.50 each during its public debut.
It’s also worth mentioning that MFI stock hasn’t been able to maintain that price since going public. The stock has steadily fallen since then, with shares closing out trading yesterday at $1.30 each.
This, combined with a market capitalization of $17.227 million, puts MFI shares in penny stock range. That opens it up to volatility, which may help explain its movement this morning.
MFI stock is up 84.7% as of Wednesday morning.
More stock market stories are available below!
We are offering insight into all of the most recent stock market happenings on Wednesday! Among that is what has shares of Actelis Networks (NASDAQ:ASNS) stock up, the biggest pre-market stock movers this morning and more. All of this info is ready at the following links!
More Stock Market News for Wednesday
- Why Is Actelis Networks (ASNS) Stock Up 689% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Elon Musk Plans to Give Nvidia (NVDA) Stock a $4 BILLION Boost in 2024
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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.
