SOS Restricted (NYSE:SOS) inventory is on the rise Friday following optimistic information and curiosity within the blockchain firm.
To begin off with, SOS Restricted introduced that it has accomplished the initial steps of its blockchain strategy. To associate with this, the corporate additionally says that it has developed a “firewall system, private organic info storage system, and antivirus system all of that are primarily based on blockchain and AI.”
Whereas that’s positively excellent news for SOS Restricted, it’s nowhere near the rationale shares of SOS inventory are hovering greater right now. As an alternative, it seems to be like retail traders are behind the rise in its inventory.
SOS inventory has been mentioned alongside different shares which are on the rise because of retail traders. This all began with members of the Reddit WallStreetBets pumping up GameStop (NYSE:GME) inventory earlier this week. Since then, these traders have been looking for different shares that they’ll pump up and it seems to be like SOS is amongst their targets.
With the elevated consideration on SOS inventory comes heavy buying and selling. Some 51 million shares of the inventory have moved as of this writing. That’s an enormous leap subsequent to its every day common buying and selling quantity of about 6 million shares.
Buyers that need to be taught extra about WallStreetBets, in addition to the current drama surrounding the Robinhood buying and selling app, can take a look at the next articles.
SOS inventory was up 19.5% as of Friday afternoon.
On the date of publication, William White didn’t have (both straight or not directly) any positions within the securities talked about on 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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