LuoKung Technology Corp (NASDAQ:LKCO) Stock Soars 26% in a Month: Here is Why

LuoKung Technology Corp (NASDAQ: LKCO) is up 26% in a month. The company has issued an open letter to its shareholders from the CEO and Chairman Xuesong Song about its corporate strategy and 2021 outlook and beyond. Song said that the company had made considerable progress in recent times, and most recently its completed the acquisition of eMapgo Technologies (Beijing) Co. Ltd.

He said that the company is leading in IoT, HD maps, autonomous driving, big intelligent data, carbon neutrality, remote sensing, and vehicle road collaboration. Siong said that the company is in a solid financial position to expand operations following the $120 million financings. In addition, they are confident of gaining market share with more contract wins this year.

The company released its preliminary financial results for the six months ending June 30, 201. Luokung generated total revenue of around $37.8 million during the period compared to revenue of $7.3 million a year ago. Thus, Luokung is currently in a strong position, and in the coming days, LKCO is worth watching.

Market Reaction:

On Wednesday, LKCO stock fell 1.91% at $1.54 with more than 3.44 million shares, compared to its average volume of 8.59 million shares. The stock has moved within a range of $1.5200 – 1.5800 after opening the trade at $1.55.