One of the things that needs to be remembered in case of small cap stocks is the fact that they can be quite volatile and that has been evident in case of the recent price action in the PHI Group (OTCMKTS:PHIL) stock.
Recently, the stock managed to record highly impressive gains but this morning it has slumped by 22% and it is believed that the decline has primarily been triggered by a bout of profit taking from investors. However, at the same time it should not be forgotten that the PHI Group stock had managed to make one of the more remarkable comebacks in 2021 so far.
Earlier on this year, the stock had emerged as one of the more popular small cap stocks in the market and investors had accumulated it quite heavily. However, the actual rally in it had started in December last year.
In addition to that heavy accumulation in the stock, the PHI Group stock had also emerged as one of the most popular stock on online bulletin boards. As is well known, such online popularity of a stock can often lead to further gains and may have been a factor in the rally in PHI Group.
Market Reaction:
As of 11:51, PHIL stock jumped 8.50% to $0.0103 with more than 978.35 million shares, compared to its average volume of 404.87 million shares. The stock has moved within a range of $0.0078 – 0.0119 after opening the trade at $0.0088 Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0198.
 Stock Sees Selling Pressure After The Rise: Now What?){kind=link}