Why is PS International (PSIG) stock up 64% today?

PS International (NASDAQ:PSIG) shares take off on Monday with strong pre-market trading in the freight company’s shares.

At the time of writing, more than 16.9 million shares of PSIG have changed hands, well above the average daily trading volume of around 639,000 shares. Investors should also remember that the company’s float is just 62,510 units.

All this movement comes despite a lack of news from PS International. There are no new press releases or filings to explain why the stock went up today. The same is true for analyst coverage of the company’s stock.

One thing worth noting is that PSIG is in penny stock territory. This is due to its previously low closing price of $1 per share and its market cap of just $24.526 million. It’s also worth noting that PSIG suffered a rally on Friday as well.

What this means for PSIG shares

While the news behind PS International’s move is unclear, we can speculate why the stock is rising today. Speculative traders may buy the stock cheaply in hopes of long-term returns.

Another option is that retail and day traders have taken note of PSIG stocks. If that’s the case, this could be a pump and dump that will cause PSIG stock to lose a lot of its value after it ends.

Regardless, this makes PSIG stock a risky investment today. Investors will want to consider this before taking a stake in the company.

PSIG shares are up 64.3% since Monday morning.

Traders will want to stick around for more of the latest stock market stories!

We’ve got all the hottest stock market news investors need to know about on Monday! These include the biggest pre-market movers this morning and more of the latest market news. All this information is ready to access at the links below!

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Read more:Penny Stocks – How to profit without being scammed

As of the date of publication, William White did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publishing Guide.

At the time of publication, the responsible editor had (either directly or indirectly) no position in the securities mentioned in this article.