What’s going on with the Cirralto (ASX:CRO) share price?

The Cirralto Ltd (ASX: CRO) share price has gone ballistic today, up 114% at one point. What’s going on with Cirralto shares?

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A man scratches his head in confusion., indicating mixed share price movement on the ASX

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The Cirralto Ltd (ASX: CRO) share price is on fire again today, climbing another 21% at the time of writing to 12 cents a share. That move is nothing to what Cirralto shares did this morning at market open though.

The Cirralto share price had closed at 9.8 cents yesterday afternoon after recording a sizable 30% rise over the day. But this morning, it opened at 16 cents a share and shot up as high as 21 cents. That represents a 114% rise over yesterday’s closing price.

As we reported yesterday (and which remains unchanged today), there has been no major news out of the company that might clearly cause such a dramatic move in the share price.

However, saying that, ASX data shows that the trading volume for Cirralto shares remains off the charts. Last Thursday and Friday saw 13.7 million and 17.5 million shares in the company change hands respectively. Yesterday, 352.5 million shares were traded. Today, the number is standing at 283.4 million shares at the time of writing.

Cirralto: Yet another ASX speeding ticket

These moves have drawn the attention of the ASX itself. Yesterday afternoon, the stock market operator issued a ‘please explain’ speeding ticket to Cirralto in response to the massive surge in share price and trading volume. Asked if the company had any idea why this was happening, Cirralto responded by stating:

The company notes recent market, social media and investor focus on ASX listed companies that have technologies associated with payment and merchant services.Other companies in the sector such as Openpay Group, Ioupay Ltd and Zip Co Ltd appear to have also experienced recent material share price increases.

This is true. Zip Co Ltd (ASX: Z1P), Openpay Group Ltd (ASX: OPY) and IOUpay Ltd (ASX: IOU) have all experienced similar moves over the week so far. The ASX has issued Zip and IOUpay with speeding tickets this week as well. Both companies have also denied any knowledge of any possible cause behind the dramatic spikes.

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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