Nauticus Robotics (NASDAQ:KITT) stock is rocketing higher on Wednesday alongside heavy pre-market trading of the ocean industry robots, software and services company this morning.
KITT stock is rallying on Wednesday morning as more than 23 million shares changed hands. That’s a massive surge compared to its daily average trading volume of about 2.4 million shares. It also bears mentioning that its float is at around 21.82 million units.
Investors will note that this increased trading activity comes despite a lack of news from Nauticus Robotics. There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock is soaring higher today.
One thing that is worth keeping in mind is KITT stock being in penny stock territory. This comes from its low prior closing price of 30 cents and its market capitalization of only about $15.3 million.
Why This Matters to KITT Stock
Being a penny stock means that KITT is easy for certain traders to manipulate. This allows them to pump up the price of the stock due to its low entry point.
That means investors may also see these traders dump shares of KITT stock once they’ve boosted the price high enough. That could leave unsuspecting traders holding the bag, making Nauticus Robotics a risky investment right now.
KITT stock is up 64.9% as of Wednesday morning but was down 48% year-to-date (YTD) when markets closed on Tuesday.
Investors looking for more of the most recent stock market stories are in luck!
We have insight into all of the hottest stock market news worth reading about on Wednesday! That includes our trade of the day, a dive into this morning’s biggest pre-market stock movers and more. You can get up to speed on these matters below!
More Wednesday Stock Market News
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (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.
