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Appreciate (NASDAQ:SFR) stock is on the rise Thursday despite a lack of news from the rental services company.
There haven’t been any new press releases or filings with the Securities and Exchange Commission (SEC) that explain why shares of SFR stock are up today. On that same note, no analysts are offering new coverage that would act as a catalyst for today’s movement.
Even so, SFR stock is climbing higher alongside heavy trading of its shares. As of this writing, more than 12 million shares of Appreciate stock have changed hands. To put that in perspective, the company’s daily average trading volume is close to 465,000 shares.
It’s possible this movement comes from the fact SFR is a penny stock. That’s due to its prior low closing price of 12 cents alongside its market capitalization of just $5.825 million.
Why That Matters to SFR Stock
Penny stocks are oftentimes subject to more extreme volatility. That’s due to the low entry price making it easy for retail and day traders to manipulate the shares.
If that’s what’s going on with SFR stock today, investors will want to be wary about jumping in on this rally. It’s completely possible the stock will come crashing down in the days following this pump.
SFR stock is up 77.4% as of Thursday morning but was down 90.7% year-to-date on Wednesday’s close.
Investors seeking out even more of the most recent stock market news will want to stick around!
We’re offering coverage of all the latest stock happenings on Thursday! That includes a dive into the biggest pre-market stock movers, what’s happening with the national debt and more. All of that news is ready to go down below!
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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.
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
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