Last Friday, there were some penny stocks which managed to clock significant gains but the rally in the ShiftPixy Inc (NASDAQ:PIXY) stock was perhaps the most eye catching as it ended the day with gains of as much as 155%.
Trading Data
On Friday, PIXY stock soared 155% to $0.51 with 180.54 million shares, compared to its average volume of 4.28 million shares. The stock moved within a range of $1.2500 – 1.6199 after opening trade at $1.50.
Swiftpixy Stock Is Offering A New Perk For Investors
In this situation, it could be a good idea for investors to take a look into the announcement that led to such remarkable gains. The company announced on Friday that it was going to go for a special distribution of stock for its shareholders and that led to a major move in the stock. It is going to be interesting to see if the situation with the stock remains the same this week or not.
However, that was not all. There was another announcement from ShiftPixy with regards to the special purpose acquisition company Industrial Human Capital. It should be noted that ShiftPixy holds a 15% stake in that company. It was interesting to note that while the ShiftPixy stock had gone on a remarkable rally on Friday, the Industrial Human Capital stock went through a major selloff.
The company noted that all ShiftPixy shareholders of record as of May 17, 2022 would get Industrial Human Capital shares which are going to be proportionate to the shareholding in ShiftPixy.
Technical Data
PIXY stock is trading below the 50-Day and 200-Day Moving averages of $0.54 and $1.02 respectively. However, the stock is trading above 20-Day moving average of $0.36.
