Friday, February 23, 2024
Stock Market

Why Is WiMi Hologram Cloud (WIMI) Stock Up 22% Today?

WiMi Hologram Cloud (NASDAQ:WIMI) stock is rising higher on Thursday as the company’s shares get caught up in the speculative rally of another company’s stock.

WiMi Hologram Cloud is soaring after investors sent shares of MicroCloud Hologram (NASDAQ:HOLO) stock surging over 1,000% higher on Wednesday. The positive movement for HOLO stock continues today and it looks like traders are latching onto WIMI stock as well.

That makes sense as these two companies share more than a few of the same qualities. For example, both of them are based out of China and focus on holographic services. WiMi Hologram Cloud uses its services for augmented reality (AR) advertising and other similar products. MicroCloud Hologram major focus is on light detection and ranging (LiDAR) systems for self-driving cars.

WIMI Stock Movement on Thursday

With this speculative trading comes more than 23 million shares of WIMI stock changing hands. That is an incredible surge in trading volume compared to the company’s daily average of about 608,000 shares. Investors will also note that the company’s float is about 107 million units as of this writing.

WIMI stock is up 21.9% as of Thursday morning but is only up 13.4% since the start of the year.

Investors who are seeking out even more of the most recent stock market stories will want to stick around!

We have all of the hottest stock market news that traders need to know about on Thursday! A few examples include what’s happening with Casava Sciences (NASDAQ:SAVA), Joby Aviation (NYSE:JOBY) and Aurora Cannabis (NASDAQ:ACB) stock today. You can learn more on these matters at the following links!

More Stock Market News for Thursday

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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