Axion Power Goes Ballistic
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Axion Power International, Inc. (NASDAQ: AXPW), an energy storage company, was trading sharply higher by $2.14 (200 percent) at $3.20 in Monday's session. At this time, a catalyst for the monster rally has yet to be identified.
A move best characterized as a high-frequency trading frenzy has the issue trading at its highest level since July 10 when it peaked at $3.92. The following day, it found willing sellers at $3.50 and traded as low as $1.03 last week.
Interestingly, the issue staged a much more powerful rally back on June 15 and 16, when it rallied from its June 12 close ($1.16) to $6.30 only two trading sessions later. However, it fell back to close at $5.70. The catalyst for that rally was an 8-LK release revealing a change in terms of some of its outstanding warrants.
From that elevated level, it drifted toward the $1 before soaring in Monday's session.
Today's price action is taking place on much higher than average volume. So far, 3.2 million shares have changed hands compared to its 20-day average of only 169,000.
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