Toyo (NASDAQ:TOYO) stock is taking off on Friday alongside heavy pre-market trading of the solar solution company’s shares.
That has more than 13.6 million shares of TOYO stock changing hands as of this writing. This is well above its daily average trading volume of about 102,000 shares.
One thing investors will keep in mind is that TOYO is still fairly new to the public market. The company’s shares made their public debut earlier this month. That came about after the firm completed a special purpose acquisition company (SPAC) merger with Blue World Acquisition.
What That Means for TOYO Stock
It’s not uncommon to see shares that go public via SPAC mergers be volatile. This comes as speculative traders take interest in the company after it goes public. While TOYO did so on July 2, this could see be part of the reason its rallying today.
TOYO being a penny stock could also be playing a part in this. The company’s prior closing price was $1.55 per share with a market capitalization of $68.72 million. Penny stocks are often more volatile due to the easy entry point.
TOYO stock is up 118.7% as of Friday morning.
Investors will want to keep reading for more of the most recent stock market stories today!
We have all of the hottest market news worth knowing about on Friday! Among that is what has shares of Crown LNG (NASDAQ:CGBS) stock up, the biggest pre-market stock movers this morning and more. All of this news is ready to go at the links below!
More Stock Market News for Friday
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
