Infobird (NASDAQ:IFBD) stock is rising higher on Wednesday as the software-as-a-service (SaaS) and artificial intelligence (AI) company experiences heavy trading this morning.
That heavy trading has resulted in more than 3.8 million shares of the company’s stock being traded as of this writing. That’s already well beyond its daily average trading volume of about 357,000 shares.
There are no new press releases or filings from Infobird that explain the stock’s rally today. However, that doesn’t mean it hasn’t been in the news recently.
The latest IFBD stock worth noting was on Monday. That’s when the company’s shares underwent a reverse stock split. This was scheduled for late February but was delayed to obtain the required regulatory clearances.
What Else Is Behind the IFBD Stock Rally?
It’s also likely that Infobird being a penny stock is behind a good portion of today’s movement. That makes sense when you consider that penny stocks are often the targets of pump and dumps.
Adding to this is the company’s current trading volume versus its float of only 31,830 shares. That’s another sign that the stock may be seeing manipulation this morning.
IFBD stock is up 62.5% as of Wednesday morning.
Investors who want more of the latest stock market stories are in luck!
We have all of the hottest stock market news worth reading about on Wednesday! Among that is what has shares of NKGen Biotech (NASDAQ:NKGN) stock up, the biggest pre-market stock movers this morning and more. All of that is ready to go at the links below!
More Stock Market News for Wednesday
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
