Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Forward Industries, Inc. FORD shares were trading higher by $0.60 (90 percent) at $1.25 in Tuesday's session. The designer and manufacturer of specialty and promotional products surged to $3.90 from Monday's close of $0.65.
It was halted five times on the way to its highest level since June 2011, when it peaked at $3.85 before it swooned to $0.58 in April.
The only potential catalyst for the mind-boggling move was its Q2 report for EPS of $0.06 on sales of $7.23 million with no prior estimates available.
Computer-driven algorithms may have noticed the spike in price on higher than average volume off the open and piled into the issue with no regard for the true fundamentals of the company.
So far, it has traded 4.3 million shares compared its 20-day average of only 213,000.
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