ShiftPixy stock pulls back premarket after soaring Thursday

Shares of ShiftPixy Inc. pulled back 6.5% in premarket trades Friday after ending Thursday's session up 51.5% on trading volume of 46.67 million shares, 5,874% above the stock's 65-day average. It is not immediately apparent what has caused the dramatic movement in ShiftPixy's stock. The gig-economy focused workforce management company harnesses AI in its staffing technology. ShiftPixy has a market cap of just under $13.4 million and reported a net loss of $5.8 million in its most recent quarterly results, for the period ending February 28. Last month the Florida-based company launched an investigation into suspicious trading activity in its stock.