Near Intelligence (NASDAQ:NIR) stock is taking off on Monday without any clear news from the cloud-based data intelligence platform operator.
There are no new press releases or filings with the Securities and Exchange Commission that explain why shares of NIR stock are up today. On that same note, no analysts are offering new coverage of the stock that would act as a catalyst for today’s movement.
Even so, shares of NIR stock are climbing higher on Monday alongside heavy trading. As of this writing, more than 9.8 million shares of the company’s stock have changed hands. To put that in perspective, its daily average trading volume is closer to 3.7 million shares.
One thing that traders will want to keep in mind is NIR stock’s penny status. This comes from its low trading price of 15 cents when markets closed on Friday, as well as its market capitalization of $7.671 million.
Why That Matters to NIR Stock
Being a penny stock comes with its disadvantages. For example, its low entry price makes it easier to manipulate. This sometimes sees retail and day traders pump up a penny stock on no news before dumping it.
It’s possible this is what’s happening with NIR stock today. That means traders will want to be careful about taking a stake in Near Intelligence right now to avoid potential problems.
NIR stock is up 36.2% as of Monday morning.
Investors looking for more of the most recent stock market stories are going to want to stick around!
InvestorPlace is home to all of the hottest stock market happenings on Monday! That includes a look at the biggest pre-market stock movers, what hit oil stocks late last week and more. All of that is ready to go at the links below!
More Monday Stock Market News
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
