DigiAsia (NASDAQ:FAAS) stock is climbing higher on Friday as investors in the financial services company noticed heavy trading this morning.
This has more than 1.1 million shares of FASS stock being traded as of this writing. That’s already well above its daily average trading volume of about 25,000 shares.
It’s worth pointing out that this increased trading activity comes shortly after the public debut of FAAS stock. DigiAsia went public on Wednesday following its merger with special purpose acquisition company (SPAC) StoneBridge Acquisition.
How This Affects FAAS Stock
Considering that FAAS stock only recently went public, it makes sense the shares are a bit volatile. That’s doubly true, considering it did so via a SPAC merger.
Some traders like to latch onto companies that go public via SPACs to pump up their share prices. This can result in surprise rallies after they go public. However, it also often comes with the shares giving up those gains.
All of this means that FAAS stock is a risky investment right now. That could mean traders will be best off avoiding the stock until the initial volatility wears off.
FAAS stock is up 58.9% as of Friday morning.
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We have all of the hottest stock market news that traders need to know about on Friday! Among that is why shares of MediaCo (NASDAQ:MDIA) stock are up, the biggest pre-market stock movers this morning and more. All of this news is ready to go down below!
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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.
