ABSI - DOGZ Alert: Why Pet Penny Stock Dogness Is Running Higher Today
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Dogness (NASDAQ:DOGZ) stock is on a run Friday as investors react to recent volatility surrounding the shares.
The most recent news from Dogness concerns a deal to expand its product availability at a top pet store. That announcement came out on Wednesday and DOGZ stock was largely unaffected by it.
Instead, the following day investors saw DOGZ stock take a massive beating. The reason behind this fall is unknown, but it didn’t do traders of the shares any favors that day. It looked like that momentum was set to continue this morning with the stock down pre-market and shortly after the opening bell.
However, that drop didn’t last long as the price of the stock quickly soared higher, passing its closing price from Thursday. While the stock is on the rise right now, it’s still nowhere close to its nearly $9 price prior to Thursday’s plunge.
So while we don’t know what’s behind all of this recent movement, we can note heavy trading of the shares. As of this writing, more than 28 million shares of DOGZ stock have changed hands. That’s a massive increase compared to the company’s daily average trading volume of about 1.6 million shares.
It’s worth highlighting that DOGZ stock is firmly in penny stock territory. As such, investors will want to be careful about investing in it right now. That’s especially true as it’s unclear what’s behind the recent volatility, which resulted in trading stopping three times this morning.
DGOZ stock is up 6.6% as of Friday morning.
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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.
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