Lucy Scientific Discovery (NASDAQ:LSDI) stock is rocketing higher on Thursday even without any clear news that would cause such a rally.

The only recent news from Lucy Scientific Discovery is that it will be late filing its Form 10-K for the first quarter of 2024. That’s not the type of news that would cause investors to flock to the company’s shares like they have today.

Instead, it seems much more likely that LSDI stock is the target of speculative traders trying to pump the stock higher. That makes sense when you consider its minuscule float of 1.23 million shares.

LSDI Stock Movement Today

Investors will note that today’s rally comes with heavy trading of LSDI stock. That has more than 52.7 million shares of the stock changing hands as of this writing. That’s a massive increase over its daily average trading volume of about 57,000 shares.

Traders will also keep in mind that LSDI is a penny stock. This opens it up to extra volatility from retail and day traders. That means today’s rally may not last long before LSDI comes crashing back down.

LSDI stock is up 227.3% as of Thursday morning. Even with this rally, the company’s shares are still down 35.1% year-to-date.

Investors will find more of the most recent stock market stories ready to go below!

We have all of the hottest stock market stories traders need to know about on Thursday! That includes what’s going on with shares of Chubb (NYSE:CB), AST SpaceMobile (NASDAQ:ASTS) and Amazon (NASDAQ:AMZN) stock today. All of this info is good to go at the following links!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/why-is-lucy-scientific-discovery-lsdi-stock-up-227-today/.

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