Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Superior Drilling Products Inc (NYSEAMERICAN: SDPI) stock was up 40% premarket, building on yesterday’s bullish move that saw its shares close up 23%.
The company did not make any new announcements that could have fueled today’s rally, indicating that the rally was primarily driven by positive investor sentiment.
SDPI’s rally is fueled by retail investors looking to pump prices higher given the company’s low stock float.
With a market capitalisation of $22 million, SDPI has a float of almost 22 million shares, given that it closed yesterday’s session trading at $1.
Luckily, the company has a legitimate business as a manufacturer of drilling products for the mining industry while marketing its product as cost-saving options.
Superior Drilling designs manufactures, repairs, and sells drilling tools and solutions, including the patented Strider™ oscillation system and the patented Drill-N-Ream® wellbore conditioning tool.
The company also manufactures and refurbishes PDC (polycrystalline diamond compact) drill bits for a leading oil field service company.
SDPI also manufactures custom drilling pieces for clients with unique needs from the company’s state-of-the-art drill tool fabrication facility.
Meanwhile, SDPI shares are rallying higher as retail investors on social media platforms pile into the stock, but the question is, will the rally be sustained over time?
SDPI shares traded as high as $2 yesterday after market hours, but today’s high was printed at $1.80.
*This is not investment advice.
Superior Drilling stock price.
Superior Drilling stock was up 40.37% premarket to trade at $1.53, rising from Wednesday’s closing price of $1.09.
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