Vicinity Motor (NASDAQ:VEV) stock is rocketing higher on Tuesday alongside heavy pre-market trading of the bus manufacturing company’s shares.
This has more than 73 million shares of VEV stock on the move as of this writing. That’s well above its daily average trading volume of about 2.5 million shares. It also surpasses the company’s float of 41.34 million units.
All of this movement comes without any clear news from Vicinity Motor. 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 such a rally.
However, traders will want to keep in mind that VEV is a penny stock. That comes from its prior closing price of 10 cents and its market capitalization of only $5.017 million.
What That Means for VEV Stock
Being a penny stock opens shares of VEV up to volatility. That’s due to how easily investors can buy up large sums of the stock with its low entry point.
It’s possible this is a sign of speculative traders taking interest in Vicinity Motor. It could also be a case of retail and day traders pumping and dumping the shares. No matter what, it makes VEV stock a risky investment right now.
VEV stock is up 141.1% as of Tuesday morning.
Investors will want to stick around for more of the most recent stock market news!
We have all of the hottest stock market stories ready to go on Tuesday! That includes the biggest pre-market stock movers this morning and other market happenings worth reading about. You can catch up on all of that at the links below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Investor Alert: The Japanese Yen Carry Trade Unwind Explained
- JetBlue Is Plunging. Why Is JBLU Stock Down 21% Today?
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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.
