Polished.com (NYSEMKT:POL) stock is falling on Thursday after the e-commerce company discussed an unexpected rally on Wednesday.
Shares of POL stock saw an incredible surge in price during normal trading hours yesterday. That saw the stock climb from a closing price of $1.18 per share on Tuesday to a closing price of $7.60 on Wednesday.
That massive rally was enough to cause the company to comment on the movement. The company noted that it wasn’t aware of any reason for the stock rally. It also mentioned that it was notified of the unusual movement by the New York Stock Exchange.
POL Stock Movement on Thursday
Considering the amazing rally shares of POL stock underwent yesterday, it makes sense that its shares would give up some of those gains today. As of Thursday morning, POL shares are down 38.2%.
It also bears mentioning that more than 1.7 million shares of POL stock have changed hands as of this writing. That’s quickly closing in on the company’s daily average trading volume of about 2.2 million shares.
One thing to keep in mind is that POL is a penny stock. It’s possible that its rally yesterday was a plan to pump up the shares before dumping them. That means we may see further drops in the price of POL in the coming days.
Investors who want even more of the most recent stock market stories will want to keep reading!
InvestorPlace is home to all of the hottest stock market news that traders need to know about on Thursday! That includes everything happening with shares of Brenmiller Energy (NASDAQ:BNRG) stock, Hookipa Pharma (NASDAQ:HOOK) stock and Infrared Cameras (NASDAQ:MSAI) stock today. You can catch up on all of these matters at the following links!
More Stock Market News for Thursday
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
