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Quhuo (NASDAQ:QH) stock is sliding lower on Thursday after the gig economy platform company’s shares underwent a recent rally.

That rally saw shares of QH stock close out Wednesday up 24.7%. That came alongside more than 2 million shares traded. To put that number in perspective, the company’s daily average trading volume is below that at 183,000 shares. Its float is 44.47 million units.

Investors will note that QH stock rallied on Wednesday without any news from the company. That includes a lack of press releases or filings with the Securities and Exchange Commission (SEC). There also wasn’t any analyst coverage behind the surge in price and trading.

QH Stock Movement on Thursday

Considering yesterday’s rally happened without a clear catalyst, it makes sense that shares of QH stock would give up some of their gains. This has Quhuo stock down 10.5% during pre-market trading on Thursday morning.

This dip in price comes without much in the way of trading activity today. As of this writing, only about 10,000 shares of QH stock have been traded.

It’s also worth noting that QH shares aren’t performing well in 2024. The company’s stock is down 63.3% year-to-date as of yesterday’s close. It’s also down 72.7% over the last 12 months.

Investors seeking out even more of the most recent stock market stories today will want to stick around!

We have all of the hottest stock market news that investors need to know about on Thursday! That includes all of the hottest market happenings for Inspire Veterinary (NASDAQ:IVP) stock, Volcon (NASDAQ:VLCN) shares and Blue Star Foods (NASDAQ:BSFC) stock. You can catch up on all of these matters at the following links!

More Stock Market News for Thursday

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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.