Why Is Helbiz (HLBZ) Stock Up 37% Today?

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Helbiz (NASDAQ:HLBZ) stock is on the move Wednesday despite a lack of hard news concerning the electric bike and scooter company.

Instead, heavy trading volume is the main reason that HLBZ stock is climbing higher today. As of this writing, more than 43 million shares of the company’s stock have changed hands. While that’s still below its daily average of 60.9 million shares, it’s an incredibly strong movement in early trading today.

Investors looking for why shares of HLBZ stock are rallying today are having a hard time finding news. That’s because the company hasn’t released any press releases of filings that explain the jump. Even so, there are rumors to take into account.

Rumors Affecting HLBZ Stock

Traders on social media are hyping up shares of Helbiz stock today on merger speculation. Several traders believe that Helbiz may be poised to combine with electric vehicle (EV) company Mullen Automotive (NASDAQ:MULN).

MULN is already a hot stock among speculative traders so it makes sense that rumors of a deal with it would launch HLBZ stock higher. What’ll be really interesting is seeing what the stock does if those rumors are confirmed or denied.

HLBZ stock is up 36.7% as of Wednesday morning.

Investors can check out more of the latest stock market news below!

We’ve got all of the hottest stock stories worth reading about on Wednesday! That includes what has shares of Xpeng (NYSE:XPEV), Novavax (NASDAQ:NVAX), and OKYO Pharma (NASDAQ:OKYO) stock in the news today. You can learn more on these matters at the following links!

More Wednesday Stock Market News

• XPEV Stock Alert: What to Know as Xpeng Reports February Vehicle Deliveries
• Why Is Novavax (NVAX) Stock Down 26% Today?
• Why Is OKYO Pharma (OKYO) Stock Down 31% Today?

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.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

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