PS International (NASDAQ:PSIG) stock is taking off on Monday alongside heavy pre-market trading of the freight forwarding service company’s shares.
As of this writing, more than 16.9 million shares of PSIG stock have changed hands, well above its daily average trading volume of about 639,000 shares. Investors should also remember that the company’s float is only 62,510 units.
All of this movement comes despite a lack of news from PS International. There are no new press releases or filings that explain why the stock is up today. The same is true for analyst coverage of the company’s shares.
One thing worth noting is PSIG is in penny stock territory. That’s due to its low prior closing price of $1 per share and its market capitalization of just $24.526 million. It’s also worth noting that PSIG underwent a rally on Friday as well.
What This Means for PSIG Stock
While the news behind the PS International movement is unclear, we can speculate about why the stock is up today. It could be that speculative traders are buying up the shares cheaply in hopes of long-term returns.
Another option is that retail and day traders have taken notice of PSIG stock. If that’s the case, this could be a pump and dump that will see PSIG shares lose much of their value after its done.
No matter the case, this makes PSIG stock a risky investment today. Investors will want to consider that before taking a stake in the company.
PSIG stock is up 64.3% as of Monday morning.
Traders will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news investors need to know about on Monday! That includes the biggest pre-market stock movers this morning and more of the latest market news. All of this info is ready to go at the links below!
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
