Why Is MultiMetaVerse (MMV) Stock Up 105% Today?

Source: InvestorPlace

• MultiMetaVerse (MMV) stock is up on Monday without any recent news.
• However, the shares are seeing heavy trading this morning.
• That might be due to its penny stock status.

MultiMetaVerse (NASDAQ:MMV) stock is on the rise Monday despite a lack of news from the Chinese animation and entertainment company.

There are no new press releases or filings with the U.S. Securities and Exchange Commission (SEC) that explain why the stock is up today. The same holds true for analyst coverage of MMV stock this morning.

However, investors will note that MMV is experiencing heavy trading on Monday morning. This has more than 9.9 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 69,000 shares. It’s also worth mentioning that MMV’s float is about 7.34 million shares.

Traders will also keep in mind that MMV is a penny stock. This comes from its low daily average trading volume, prior closing price of 62 cents and its market capitalization of only $19.5 million.

What That Means for MMV Stock

Being a penny stock opens MMV shares up to vulnerabilities. That includes manipulation by certain types of traders. For example, today’s movement could be penny stock traders pumping up the shares before dumping them for profits. All of this is to say that investors will want to be wary about taking a stake in MMV today.

MMV stock is up 104.8% as of Monday morning.