Primech (NASDAQ:PMEC) stock is rocketing higher on Wednesday alongside heavy pre-market trading of the facilities and stewarding services company’s shares.
This has more than 7.6 million shares changing hands as of this writing. That’s already well above its daily average trading volume of about 239,000 shares. Investors will also note that Primech’s float is only about 6.76 million units.
There are no updates from PMEC that explain why the company’s stock is up today. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There also isn’t any analyst coverage that would cause today’s rally.
What is worth keeping in mind is that PMEC is a penny stock. That comes from its prior closing price of 53 cents and a market capitalization of only $20.02 million.
What That Means for PMEC Stock
Being a penny stock comes with certain concerns that traders should keep in mind. That includes extra volatility alongside heavy trading of the company’s stock.
Primech shares could be rallying today due to manipulation from retail and day traders. It could also be up as speculative traders buy its shares. No matter the case, its a risky investment to take today.
PMEC stock is up 59.7% as of Wednesday morning.
Investors will want to stick around for more of the most recent stock market news today!
We have all of the hottest stock market happenings worth reading about on Wednesday! That includes the biggest pre-market stock movers and other news. You can catch up on all of this by checking out the links below!
More Wednesday Stock Market News
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
