It is often noticed that stocks may rally strongly despite there being no news about them at all and that is what seemed to have happened with the Imperial Petroleum (NASDAQ:IMPP) stock last week.
Trading Data
On Thursday, IMPP stock surged 14.10% to $1.46 with more than 60.49 million shares, compared to its average volume of 43.94 million shares. The stock moved within a range of $1.1800 – 1.5700 after opening trading at $1.24.
Latest News
Last Thursday the stock had been in the middle of a strong rally and had clocked gains of as much as 14%. That took the gains made by the stock over the course of the past week to as much as 25%. In this context, it is perhaps important to point out that the last time the company was in the news was back on March 21, 2022 when it announced that it was going to issue as many as 37.5 million shares of Imperial stock.
It was also noted that as many as 37.5 million share warrants were also going to be issued. However, the news about the issuance of new shares came as a source of considerable negativity for the stock and it tumbled by as much as 40% on the same day. At the time it was noted that each warrant and stock are going to be bundled into a solitary unit. Imperial announced that these units were going to be priced at $1.60 each initially.
Technical Data
IMPP stock is trading below the 20-Day and 50-Day Moving averages of $1.59 and $1.82 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.99.
