Loop Media (NYSEMKT:LPTV) stock is rocketing higher on Monday alongside heavy pre-market trading of the multichannel digital video platform media company’s shares.
This has more than 29 million shares of LPTV stock changing hands as of this writing. That’s well above its daily average trading volume of about 1 million shares. It’s also worth mentioning that the company’s float is 40.28 million shares.
This movement comes without any news from LPTV stock this morning. However, the company did announce a strategic partnership last week that saw its shares rise and fall in the later half of it. Today’s movement could be ongoing from that news.
It’s also worth keeping in mind that LPTV is a penny stock. This comes from its previous closing price of 10 cents alongside its market capitalization of $7.984 million.
What That Means for LPTV Stock
Being a penny stock means that LPTV is subject to extreme volatility. This can often happen alongside heavy trading and news. That makes it likely that the recent partnership is still affecting the shares.
Secpically, it may be speculative traders who are behind today’s movement. They might be picking up the company’s shares on Monday after they fell 36.5% on Friday. That drop came with roughly 15 million units traded.
LPTV stock is up 69.3% as of Monday morning.
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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.
