Why Is ShiftPixy (PIXY) Stock Up Today — June 22?

By Updated on June 22, 2023

Why Is ShiftPixy (PIXY) Stock Up Today — June 22? Thumbnail

ShiftPixy (NASDAQ: PIXY), a gig economy support company, is making headlines with a massive 121.9% rally today. This comes after a 43% loss during normal trading hours on Wednesday.

The trading volume is significantly higher than usual, with more than 38 million shares changing hands by the day’s mid-day mark. This dwarfs the company’s daily average trading volume of around 75,000 shares, and its float of 1.49 million shares.

Gig Economy Sector Momentum

The gig economy sector is seeing some action, and ShiftPixy is right in the mix. Despite a lack of company-specific news, the stock is experiencing extreme volatility, indicative of speculative trading.

PIXY Chart Patterns

ShiftPixy’s chart is showing a massive spike today, rebounding from a significant drop the previous day. This kind of volatility is not uncommon in penny stocks, which can be incredibly explosive outside of normal trading hours.

Is PIXY Stock a Buy on June 22?

Here’s what we like: The stock’s massive rally today shows that the pump is on. When a meme stock favorite with a low float like PIXY goes on a run, the sky’s the limit.

Here’s what we don’t like: PIXY can’t sustain its pump. Ultimately, PIXY is on a one-way trip to oblivion. For every trader who makes money on this stock, there will be several who lose.

Whether PIXY is a buy or not depends on your individual trading strategy and goals. Have a trading plan, and follow it!

Tim Sykes has no position in any of the stocks mentioned. Timothysykes.com has a disclosure policy.


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Author imageTimothy Sykes
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