Sunday, February 25, 2024
Stock Market

Why Is Gamer Pakistan (GPAK) Stock Up 38% Today?

Source: Roman Kosolapov/ Shutterstock

Gamer Pakistan (NASDAQ:GPAK) stock is climbing higher on Tuesday without any clear news from the e-sports event promotion and product marketing company this morning.

What we are seeing in pre-market trading on Tuesday is heavy trading of GPAK stock. As of this writing, more than 6 million shares of the company’s units have changed hands. That’s a massive leap compared to its daily average trading volume of about 200,000 shares.

It’s worth pointing out that this activity comes despite no new press releases or filings with the Securities and Exchange Commission (SEC). There’s also no new analyst coverage that would act as a catalyst for the shares this morning.

One thing that should be noted about GPAK is that it’s a penny stock. That comes from its low closing price of 26 cents per share and its market capitalization of only $6.676 million.

Why That Matters for GPAK Stock

Being a penny stock opens Gamer Pakistan up to certain vulnerabilities. That includes manipulation from certain types of traders. That could be what’s happening this morning considering its extreme rise and lack of news.

If GPAK stock is the target of a pump and dump on Tuesday, investors will want to be careful about taking a stake in the company. The rally may be tempting to jump in on but a dip is likely to follow.

GPAK stock is up 38.3% as of Tuesday morning.

Investors looking for more of the latest stock market stories are in luck!

We have all of the hottest stock market news worth reading about on Tuesday! Among that is what has Rail Vision (NASDAQ:RVSN) stock rising, the biggest pre-market stock movers this morning and more. All of that is ready to go at the following links!

More Stock Market News for Tuesday

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.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

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