Why Is ShiftPixy (PIXY) Stock Up 28% Today?


  • ShiftPixy (PIXY) stock is up on Tuesday with heavy trading.
  • That’s despite a lack of news from the company.
  • This could be due to its penny stock status.
PIXY Stock - Why Is ShiftPixy (PIXY) Stock Up 28% Today?

Source: shutterstock.com/T. Schneider

ShiftPixy (NASDAQ:PIXY) stock is soaring higher on Tuesday alongside heavy trading of the staffing solutions company’s shares.

This has more than 7 million shares of PIXY stock on the move as of this writing. That’s well above its daily average trading volume of about 762,000 shares. Investors will also note that ShiftPixy’s float is 2 million units.

It’s worth pointing out that this movement today comes without any clear news from ShiftPixy. There are no new press releases, filings, or analyst coverage that would cause today’s increased interest in PIXY stock.

What is worth keeping in mind is the penny stock status of PIXY shares. This comes from its prior closing price of $1.46 and its market capitalization of just $9.863 million.

What This Means for PIXY Stock

Being a penny stock comes with certain issues. That includes volatility. This often comes when certain types of traders attempt to manipulate the stock’s price. It’s possible this is what’s happening with PIXY shares this morning.

If that’s the case, investors will want to be wary about taking a stake in PIXY stock. It could mean that the shares give up their recent gains in the days to come.

PIXY stock is up 28% as of Tuesday morning.

Investors will find all of the hottest stock market stories below!

We have all of the latest stock market news worth reading about on Tuesday! Among that is what’s happening with shares of Nauticus Robotics (NASDAQ:KITT) stock, the biggest pre-market stock movers this morning and more. All of this news is available at the following links!

More Stock Market News for Tuesday

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 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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-shiftpixy-pixy-stock-up-28-today/.

©2024 InvestorPlace Media, LLC