What's Going On With Greenwave Technology Stock?

Greenwave Technology Solutions, Inc. GWAV shares are trading higher Friday as the stock receives attention from traders on Reddit. Here's a look at what's going on. 

What To Know:

Retail traders appear to be moving to smaller-cap stocks as the meme stock rally in GameStop and AMC Entertainment shares fizzles. 

Greenwave Technology is one of Friday's top trending tickers on Reddit and Yahoo Finance as retail traders appear to be pushing penny stocks higher, like Crown Electrokinetics Corp. CRKN and Faraday Future Intelligent Electric Inc. FFIE. 

"$gwav is following the FFIE trend. Will continue to go up and it’s actually a great company," posted u/Subject_Sprinkles649 on Reddit. 

Greenwave shares are moving on heavy trading volume with more than 750 million shares already changing hands in Friday's session. According to data from Benzinga Pro, the stock’s 100-day average volume is 58.865 million shares.

Greenwave Technology Solutions is an operator of several metal recycling facilities in Virginia and North Carolina. At these facilities, the company is involved in collecting, classifying, and processing raw scrap metal for recycling. 

Related News: What’s Going On With Faraday Future Intelligent Electric Stock?

Is GWAV A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Greenwave Technology‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Greenwave Technology does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 8.19%, you'll need to buy a share of Bancroft Fund by June 13, 2024. Once done, you can expect to receive a nominal payout of $0.32 on June 21.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Greenwave Tech Solns will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

GWAV Price Action: According to Benzinga Pro, Greenwave Technology Solutions shares are up 44% at 21 cents at the time of publication Friday.

Image: Gerd Altmann from Pixabay