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Nauticus Robotics (NASDAQ:KITT) stock is rocketing higher on Wednesday alongside heavy pre-market trading of the ocean industry robots, software and services company this morning.
KITT stock is rallying on Wednesday morning as more than 23 million shares of the company’s stock changed hands. That’s a massive surge compared to its daily average trading volume of about 2.4 million shares. It also bears mentioning that its float is at around 21.82 units.
Investors will note that this increased trading activity comes despite a lack of news from Nauticus Robotics. There are no new press releases or filings with the Securities and Exchange Commission (SEC) that explain why the stock is soaring higher today.
One thing that is worth keeping in mind is KITT stock being in penny territory. This comes from its low prior closing price of 31 cents and its market capitalization of only about $15.326 million.
Why This Matters to KITT Stock
Being a penny stock means that KITT is more easy for certain traders to manipulate. This allows them to pump up the price of the stock due to its low entry point.
That means investors may also see these traders dump shares of KITT stock once they’ve boosted the price high enough. That could leave unsuspecting traders holding the bag, making Nauticus Robotics a risky investment right now.
KITT stock is up 64.9% as of Wednesday morning but was down 48% year-to-date when markets closed on Tuesday.
Investors looking for more of the most recent stock market stories are in luck!
We have insight into all of the hottest stock market news worth reading about on Wednesday! That includes our trade of the day, a dive into this morning’s biggest pre-market stock movers and more. You can get up to speed on these matters below!
More Wednesday 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 biedexmarkets.com.com Publishing Guidelines.
With only the rarest exceptions, biedexmarkets.com 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 biedexmarkets.com.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
