Global embedded software and products provider for the IoT (Internet of Things) industry Borqs Technologies Inc (NASDAQ:BRQS) saw its stock have a sharp correction yesterday.
Market Action:
On Tuesday, BRQS stock slid 7.90% at $0.6585 with more than 20.28 million shares, compared to its average volume of 4.75 million shares. The stock has moved within a range of $0.6262 – 0.7760 after opening the trade at $0.7697.
Major Trigger
Following an announcement from the company, the Borqs stock declined by 8% but at the same time investors need to keep in mind that over the course of the past week, it is still up by as much as 19%. Yesterday, the company announced that its American subsidiary company Holu Hou Energy had been successful in bringing hi tech to the Koa’e Makani Workforce Housing Project. The project in question is located in Koloa in Kaua’i island in Hawaii.
As per the announcement from Borqs Technologies, Holu Hou Energy has been successful in installing a total of as many as 134 units of the combined solar plus storage tech systems at the above mentioned project.
In addition to that, the tenants present at the project have also started receiving electricity under the provisions of a Power Purchase Agreement that lasts 20 yers. It goes without saying that it was a significant development for Borqs but the market reacted negatively to the news. However, investors could do well to keep an eye out for any recovery.
