The share price movement has prompted a price and volume query from the ASX.
Over 1 million shares changed hands by 2.10pm (AEDT) today.
Poseidon responded to the ASX saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.
However, the company did note that Proactive Investors Australia released a report on Poseidon Nickel today.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.