SOS Limited (NYSE:SOS) stock is on the rise Friday following positive news and interest in the blockchain company.
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To start off with, SOS Limited announced that it has completed the initial steps of its blockchain strategy. To go along with this, the company also says that it has developed a “firewall system, personal biological information storage system, and antivirus system all of which are based on blockchain and AI.”
While that’s definitely good news for SOS Limited, it’s nowhere close to the reason shares of SOS stock are soaring higher today. Instead, it looks like retail investors are behind the increase in its stock.
SOS stock has been mentioned alongside other shares that are on the rise thanks to retail investors. This all started with members of the Reddit WallStreetBets pumping up GameStop (NYSE:GME) stock earlier this week. Since then, these investors have been searching out other shares that they can pump up and it looks like SOS is among their targets.
With the increased attention on SOS stock comes heavy trading. Some 51 million shares of the stock have moved as of this writing. That’s a massive jump next to its daily average trading volume of about 6 million shares.
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SOS stock was up 19.5% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2021/01/sos-stock-why-shares-of-blockchain-play-sos-limited-are-surging-today/.
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