Why Is AGBA Group (AGBA) Stock Up 10% Today?

May 5, 2023, By fierce,

Source: Sittipong Phokawattana/Shutterstock

AGBA Group (NASDAQ:AGBA) stock is on a wild ride lately with the shares undergoing a rally on Friday without any news.

Instead, it looks like speculative traders have taken a liking to the stock. That has shares of AGBA seeing incredibly heavy trading volume today with some 5.8 million units on the move as of this writing. To put that in perspective, the Hong Kong-based financial services company’s daily average trading volume is closer to 795,000 shares.

Investors will also keep in mind that AGBA stock only has a float of 4.58 million shares. About 90.4% of the company’s stock is held by insiders. Another 2.3% is held by institutions. The company’s short percentage of float is also sitting at 0.84%.

What Else to Know About AGBA Stock

A heavy amount of trading has surrounded AGBA stock over the last week. For example, its daily average trading volume on April 28, one week ago, was only about 58,000 shares. That and its low price put AGBA in penny stock territory.

To be clear, despite recent rallies, shares of AGBA are still only priced at about $2 per share. That, combined with its low float, means it’s easy for speculative traders to influence the stock. That means we might see AGBA give up some of its gains in the near future.

AGBA stock is up 9.7% as of Friday morning and up 34.6% since the start of the year.

Investors looking for more of the most recent stock market news will want to keep reading!

We’ve got all of the hottest stock market news that traders need to know about on Friday! Among that is what has shares of Arrival (NASDAQ:ARVL), SolarEdge (NASDAQ:SEDG) and GameStop (NYSE:GME) stock moving today. All of that news is available at the links below!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: 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

On the date of publication, William White did not hold (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.

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