Lytus Technologies (NASDAQ:LYT) stock is heading higher on Tuesday morning with heavy pre-market trading of the platform services company’s shares.
This heavy trading comes without any clear news from Lytus Technologies. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There’s also no analyst coverage that would cause it to rally.
However, as of this writing, more than 8.5 million shares of LYT stock have changed hands. That is quite the increase compared to the company’s daily average trading volume of about 77,000 shares. Investors will also note that Lytus Technologies’ float is 426,160 shares.
It’s also worth noting that LYT is a penny stock. That comes from its low daily average trading volume, a prior closing price of $1.41 per share and a market capitalization of just $2.607 million.
What That Means for LYT Stock
Being a penny stock opens Lytus Technologies shares up to volatility. This can come alongside large market movements, such as the major drop experienced yesterday.
It could also be a sign of speculative or retail traders taking an interest in the company. This could be speculators buying on Monday’s dip, or it may be an attempt to pump and dump the stock. Traders will want to consider that when weighing a stake in Lytus Technologies.
LYT stock is up 109.1% as of Tuesday morning.
Investors will want to stick around for more of the most recent stock market stories today!
We have all of the hottest stock market news that traders need to know about on Tuesday! That includes a dive into the biggest pre-market stock movers this morning and other hot news. All of this is ready to go at the links below!
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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.
