The meme stock frenzy has been one of the more remarkable phenomenons to have hit the markets in recent years and investors are increasingly looking into stocks which get caught up in that frenzy. One of the stocks to have become the latest target of retail investors from Reddit is Powerbridge Technologies (NASDAQ:PBTS).
Yesterday the Powerbridge stock slumped by 24.50% as investors rushed to boo their profits but it should be noted that over the course of the past week, the stock is still up by as much as 50%. Hence, it might be a good idea for investors to take a closer look at the price action in the stock.
In this regard, it is important to note that in premarket trading yesterday, the Powerbridge stock had soared by as much as 33% after having gone up by 100% the day before. In addition to that, like in every other meme stock action, the trading volume in the stock went up considerably as well.
On Tuesday alone, the trading volume hit 400 million shares and that was a considerably higher figure than the average daily trading volume of 7 million shares. Investors could consider keeping an eye on the Powerbridge stock today.
Market Reaction:
On Wednesday, PBTS stock slumped 24.50% to $2.16 with more than 16.40 million shares, compared to its average volume of 1.68 million shares. The stock has moved within a range of $2.0600 – 2.7993 after opening the trade at $2.69. Over the past 52-week, the stock has been trading within a range of $1.0700 – 9.6500.
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