ToughBuilt (NASDAQ:TBLT) stock is continuing to rally on Friday as investors push shares higher on Ace Hardware news.
The recent rise in TBLT stock comes after the company revealed that Ace Hardware will start carrying a selection of its tools. This caught the attention of investors, which sent the stock rising alongside heavy trading volume.
That momentum is continuing today with TBLT stock still seeing heavy trading. As of this writing, more than 44 million shares of the stock have changed hands. That’s a massive leap over its daily average trading volume of about 11.9 million shares.
While there is yesterday’s news behind the rise of TBLT stock, investors will still want to be careful about taking a stake in it right now. The company could be seeing extra movement as retail and day traders pump it up.
TBLT stock has seen volatility in the past due to its status as a penny stock. The company is trading in the $7 range as of this writing with a market capitalization of $16.268 million. It’s also worth noting that ToughBuilt is a potential short squeeze target, which would also explain the extra movement it’s seeing today.
TBLT stock is up 45.9% as of Friday morning. However, shares are still down 84.9% since the start of the year.
Investors looking for more recent stock market news are in the right place!
InvestorPlace has all the hottest stock news that traders need to know about for Friday! A few examples include what has shares of Senti Biosciences (NASDAQ:SNTI), Getty Images (NYSE:GETY), and Exxon Mobil (NYSE:XOM) stock on the move. You can find out all about that at the links below!
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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.