Priority Aviation Inc.’s market value grows by 62.50% as it was pushed by a pump from MFG LLC, the entity behind the Wolf of Penny Stocks.
If some of these titles are now trading above $1, how can they still be classed as penny stocks? Well, even if some of the shares may be valued at more than a few cents, they are still classed as penny stocks because they are perceived in the same way that stocks trading for less than a dollar were perceived previously: as very risky investments.
Typically, penny stocks are growing companies that have limited cash and resources.
This means that the majority of penny stocks get limited attention from investors and as such, there are low trading volumes. These companies are traded mostly on the OTCBB and the Pink Sheets and are subject to several forms of market manipulation that are not as common and are more difficult to employ in stocks that are traded on the Nasdaq and the NYSE.
Priority Aviation Inc. closed at $0.00260, with a total of 98.85 million shares having been traded, a much higher figure than the usual 6.8 million daily average. Following the last trade there are a total of 93.87 million outstanding shares. Priority Aviation Inc.’s total market capitalization stands at $228,800.00.
Priority Aviation Inc. is a small company with modest results that has been the subject of a pump. The share price jumped immediately and fell straight back down again once the heavy selling started.