Why Is WiSA Technologies (WISA) Stock Up 37% Today? thumbnail

Why Is WiSA Technologies (WISA) Stock Up 37% Today?

Posted on

WISA Stock. Image of a person pressing a button on a laptop and a holographic projection of a music player appearing to represent streaming stocks

Source: Shutterstock

WiSA Technologies (NASDAQ:WISA) stock is rocketing higher on Friday as recent interest in the shares continues today.

That has the company’s stock seeing heavy pre-market trading with some 26 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 15 million shares.

And this isn’t the first day that WISA stock has rallied alongside heavy trading. It saw more than 96 million shares change hands on Thursday. That resulted in the company’s shares closing out the day up 29.1%.

What’s Behind the WISA Stock Rally?

There’s no news this morning that explains why the company’s shares are climbing higher. However, a U.S. Securities and Exchange Commission (SEC) filing from yesterday may help explain the movement.

That filing reveals that Goldman Sachs (NYSE:GS) holds 9,146,446 shares of WISA stock. That makes it a more than 10% shareholder in the company, even if it’s through indirect ownership of the shares.

It makes sense that WISA stock would rally alongside this news. Also, the fact it’s a penny stock also explains how fast it’s climbed. Penny stocks are more volatile, which makes them subject to more extreme rallies and retreats.

WISA stock was up 37.2% in pre-market trading on Friday.

Investors looking for all of the latest stock market news will want to stick around!

We’ve got all of the hottest stock coverage traders need to know about on Friday! That includes this morning’s biggest pre-market stock movers, as well as what’s going on with Mullen Automotive (NASDAQ:MULN), and more. All of that news is ready to go below!

More Friday Stock Market News

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