Charge Enterprises (NASDAQ: CRGE) stock skyrocketed by nearly 180% without any apparent updates or news from the electric vehicle (EV) infrastructure company.
Charge Enterprises (CRGE) has not issued any recent press releases or filed documents with the Securities and Exchange Commission (SEC) that clarify the reasons behind the current rally. In addition, there were no updates from analysts covering CRGE stock on Friday.
CRGE stock underwent intense trading activity on Friday. The traders have exchanged hands with over 20 million shares compared to its daily average trading volume of around 1.1 million.
However, investors should exercise caution as Charge Enterprises (NASDAQ: CRGE) is categorized as a penny stock, priced at just 8 cents, with a market capitalization of a modest $17.46 million.
Penny stocks like CRGE are known for their volatility, particularly outside of regular trading hours, often susceptible to manipulation by certain types of traders. Investors are urged to approach investing in Charge Enterprises with caution, as a pump-and-dump scenario could result in significant losses.
Last month, the company revealed that it had secured a project with Georgia dealership Akins Ford. The task involves building 19 electric vehicle (EV) charging stations and a 450-kilowatt DC solar photovoltaic (PV) system. Charge initiated work on this project in mid-December.
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