Professional Diversity Network (NASDAQ:IPDN) stock is falling hard on Friday with heavy trading of the professional networking company’s shares.
The fall of IPDN stock comes with more than 2.5 million shares traded in what appears to be a selloff. Investors will note that the company’s daily average trading volume is below that at about 98,000 shares. It’s also worth mentioning that its float is 6.97 million units.
The heavy trading of IPDN stock 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 of the Professional Diversity Network that would cause today’s fall.
Even so, shares of IPDN stock are continuing a downward trend throughout 2024. This has the stock down 22.1% as of Friday morning. The stock was down 67.1% year-to-date when markets closed yesterday.
What’s Behind the IPDN Stock Fall?
While there’s no clear news to explain today’s movement, it could be tied to other news in the space. That includes a report on Disney’s (NYSE:DIS) alleged diversity, equity and inclusion (DEI) practices. The highly controversial founder and CEO of far-right Project Veritas, James O’Keefe, posted a video covering this on X yesterday and currently has more than 5 million views.
While Disney isn’t listed as one of the Professional Diversity Network’s clients, the report’s subject matter and online controversy may be affecting IPDN stock this morning.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news traders need to know about on Friday! That includes what’s happening with shares of Abacus Life (NASDAQ:ABL) stock, Trinity Place (NYSEMKT:TPHS) stock and Spectaire (NASDAQ:SPEC) stock today. All of this news is ready at the following links!
More Stock Market News for Friday
- Why Is Abacus Life (ABL) Stock Down 18% Today?
- Why Is Trinity Place (TPHS) Stock Up 17% Today?
- Why Is Spectaire (SPEC) Stock Up 105% Today?
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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.
