Wednesday, May 22, 2024

Why Is Helius Medical Technology (HSDT) Stock Up 47% Today?

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Helius Medical Technology (NASDAQ:HSDT) stock is rocketing higher on Friday alongside heavy trading of the neurotechnology company’s shares.

This has more than 3.5 million shares of HSDT stock changing hands as of this writing. That’s well above its daily average trading volume of about 420,000 shares.

Investors will note this movement comes without any news from Helius Medical Technology. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There’s also no new analyst coverage that explains its rally this morning.

One thing that traders will keep in mind is that HSDT is in penny stock territory. This comes from its low market capitalization of $2.36 million. It also bears mentioning that the company’s float is roughly 884,710 units. The short percentage of its float is about 9.1%.

What This Means for HSDT Stock

It’s possible that shares of HSDT stock has been targeted by certain traders this morning for a pump and dump or squeeze. That would help explain why the stock is rallying today without any clear news from the company.

This also means HSDT shares might be a risky investment this morning. While the stock is up right now, it could easily give up those gains today or tomorrow.

HSDT stock is up 46.6% as of Friday morning. However, shares were down 67.1% year-to-date when markets closed yesterday.

There are more stock market stories traders will want to read about below!

We have all of the hottest stock market news ready to go on Friday! That includes the biggest pre-market stock movers this morning, the latest Palantir Technologies (NYSE:PLTR) stock news and more. All of that info is available at the following links!

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 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.

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