Blue Hat (NASDAQ:BHAT) stock is rocketing higher on Thursday after the company announced plans to shelve a public stock offering.

Blue Hat was previously planning to sell shares and warrants of its stock in an effort to raise funds. However, the company is backing down from this plan. It also notes it hasn’t sold any securities as part of the proposed offering.

It’s likely that the positive movement for BHAT stock today has to do with traders celebrating the decision. Without a public stock offering, shareholders in the stock aren’t going to see their stake in the entertainment company diluted.

To go along with this news, shares of BHAT stock are seeing incredibly heavy trading today. As of this writing, a massive 151 million shares of the stock have changed hands. That’s an amazing jump compared to the company’s daily average trading volume of only about 263,000 shares.

BHAT stock is up 345.3% as of Thursday afternoon. However, the stock is still down 24.4% since the start of the year.

Investors looking for more of the most recent stock market news are going to want to keep reading!

InvestorPlace is home to all of the latest stock market coverage that traders need to know about for Thursday! A few examples of that include why airline stocks are falling today, why a hedge fund is betting against AMC (NYSE:AMC), as well as why Weber (NYSE:WEBR) stock is heading higher today! You can catch up on all of this news at the following links below!

More Stock Market News for Thursday

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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