The Powerbridge Technologies Co Ltd (NASDAQ:PBTS) stock emerged as one of the major gainers on Tuesday and ended the day with gains of as much as 100%. The gains made by the stock were remarkable but at the same time investors need to be a bit cautious since the rally in the stock appears to be speculative in nature.
There was no news about Powerbridge Technologies that might have led to such gains and last major news about the company emerged last month. Moreover, the news was in relation to the receipt of a notice from NASDAQ for filing its Form 20-F late.
The exchange notified Powerbridge Technologies on May 18, 2021 that the Form 20-F related to its fiscal year that ended on December 20, 2020 had not been submitted to the United States Securities and Exchange Commission on time. The due date for the same was April 30, 2021 but Powerbridge Technologies had been late in making the submission.
As a result of this, the company was no longer in compliance with one of the key NASDAQ Listing rules. Hence, it has come as a bit of a surprise that the stock rallied yesterday out of nowhere. It might be a good time to keep the stock in your watch lists.
Market Reaction:
On Tuesday, PBTS stock soared 100% to $2.86 with more than 30.51 million shares, compared to its average volume of 1.02 million shares. The stock has moved within a range of $1.5000 – 2.8600 after opening the trade at $1.54. Over the past 52-week, the stock has been trading within a range of $1.5000 – 2.8600. Moreover, the stock is up another 20.30% in the pre-market session.
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