Akanda (NASDAQ:AKAN) stock is on the rise Friday alongside heavy pre-market trading of the cannabis company’s shares this morning.
This has more than 6.8 million shares of AKAN stock changing hands as of this writing. That’s well above the company’s daily average trading volume of about 1.3 million shares. It’s also higher than Akanda’s float of 760,620 units.
This increase in trading volume on Friday comes without any clear news from Akanda. That includes no press releases or filings with the U.S. Securities and Exchange Commission (SEC). There also isn’t any analyst coverage causing today’s rally.
One thing that traders will keep in mind is AKAN being a penny stock. This comes from its prior closing price of only $1.45 and a market capitalization of just $2.78 million.
What That Means for AKAN Stock
Investors will want to be wary of AKAN alongside today’s rally. With the lack of news and sudden surge in trading volume, it has some signs of a pump and dump. The alternative is speculative traders boost the shares higher.
No matter the case, it makes AKAN stock a risky investment right now. That means investors will want to be careful about taking a stake in the company.
AKAN stock is up 34.1% as of Friday morning.
Investors will learn more about the most recent stock market stories below!
We have all of the hottest stock market news traders need to know about on Friday! Among that is what’s happening with VSee Health (NASDAQ:VSEE) stock up today, the biggest pre-market stock movers this morning and more. All of this info is ready to go at the links below!
More Stock Market News for Friday
- Why Is VSee Health (VSEE) Stock Up 172% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- SMCI Stock: Super Micro Launches New Nvidia Offering
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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.
