Sunday, February 25, 2024
Dividend Stocks

Why Is Ohmyhome (OMH) Stock Up 366% Today?

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Ohmyhome (NASDAQ:OMH) stock is rising higher on Tuesday as shares of the data and technology property company experience heavy trading this morning.

Ohmyhome stock has more than 23 million shares changing hands during pre-market trading today. That’s a massive surge in trading compared to the company’s daily average volume of only about 24,000 shares.

It also bears mentioning that this activity comes without any news from the company. That includes no press releases or filings with the Securities and Exchange Commission (SEC). The same is true of investor coverage with no analysts offering updates on the company.

One thing worth keeping in mind about Ohmyhome is its penny stock status. That comes from its low daily trading volume, its prior closing price of $1.24 and its market capitalization of just $23.835 million.

Why That Matters to OMH Stock

Being in penny stock territory opens OMH shares up to certain vulnerabilities. That includes volatility that can be extra strong outside of normal trading hours.

This volatility often comes from retail and day traders pumping and dumping stocks. That means we might be seeing a pump of OMH shares considering the lack of news today. It also means a dump may be coming soon.

OMH stock is up 366.4% as of Tuesday morning.

Investors looking for more of the most recent stock market stories today are in luck!

We have all of the hottest market news worth reading about on Tuesday! Among that is what’s sending shares of ARB IOT (NASDAQ:ARBB) stock higher, the biggest pre-market stock movers this morning and more. All of that info is available at the links below!

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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