Lion Group (NASDAQ:LGHL) stock is rising higher on Friday despite a lack of news from the trading platform and services company.
There are no new press releases or filings from Lion Group that explain why the company’s stock is taking off today. On that same note, there hasn’t been any analyst coverage that would act as a catalyst for today’s rally.
Instead, traders can thank heavy trading of LGHL stock for the positive movement this morning. As of this writing, more than 11.6 million shares of the stock have changed hands. For the record, the company’s daily average trading volume is well below that at around 3.6 million shares.
While that trading volume is high, the stock was only priced at 9 cents per share at its last close. Lion Group’s market capitalization is also low at $5.632 million shares. Both of these marks the company as a penny stock.
What That Means For LGHL Stock
Penny stocks can be incredibly volatile due to how easy the share price is to manipulate. That’s especially true for stock movements outside of normal trading hours, such as what’s happening right now. Keeping that in mind, it seems likely that this is why LGHL is rallying today and that investors will potentially see it give up these gains in the coming days.
LGHL stock is up 16.9% as of Friday morning.
There’s more stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock market news worth reading about on Friday! Among that is what has shares of Renalytix (NASDAQ:RNLX) stock rising, the biggest pre-market stock movers this morning, and more. All of this news is ready to go at the following links!
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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.
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