Digital Ally (NASDAQ:DGLY) stock is on the rise Wednesday alongside heavy pre-market trading of the digital video imaging, storage and disinfectant company’s shares.
As of this writing, more than 15.7 million shares of DGLY stock have changed hands. That’s well above the company’s daily average trading volume of about 95,000 shares and higher than its float of 2.64 million units.
This movement comes without any recent news from Digital Ally today, including no press releases or filings. There’s also no analyst coverage that would send shares higher today.
However, one thing worth noting is an upcoming shareholder meeting. Clover Leaf Capital is preparing to vote on a merger with Digital Ally’s Kustom Entertainment set for Aug. 20.
What This Means for DGLY Stock
Today’s stock movement might be a case of speculative traders picking up the company’s shares ahead of this shareholder meeting. It would help explain the heavy movement despite the lack of news.
Retail and day traders could also be taking note of DGLY stock. This could have them climbing aboard alongside speculative traders for profits. Another factor to note is DGLY’s penny stock status. That brings extra volatility to the shares.
DGLY stock is up 81.9% as of Wednesday morning.
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
