Rarus Technologies (PINK:RARS) took center stage on the OTC market this afternoon as rumors began swirling this was the next pick from AwesomePennyStocks, the same promoter behind SNPK. Traders began flooding into RARS around midday and pushed the stock up 100% with over 50 million shares traded. To put this into perspective, $26.4 million worth of volume was traded. This is enormous volume for a penny stock and is usually only seen on major pump and dumps.
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Rarus Technologies also recently announced news. Yesterday, the company announced it signed an agreement with ThinkCorp AG for the acquisition of Zngle.com. Now, if this is a pump like SNPK was, these press releases only serve to increase investor awareness for the stock while the pump behind it does the heavy lifting.
This could turn out to be a false rumor, but the volume today was huge. RARS will definitely be interesting to watch in the coming days to see if the pump continues.
RARS closed at $0.5699 today and hit an intraday high of $0.59.
As always, penny stocks can be extremely volatile and aren’t the best stocks for beginner traders to trade. That being said, a lot of money can be made trading penny stocks if you are aware of the risks and accept them.
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