Chinese company Meten Holding Group Ltd (NASDAQ:METX) has continued to clock considerable gains in the markets as investors piled on to the stock again yesterday and sent it soaring by as much as 44%.
Market Action:
On Tuesday, METX stock surged 44.36% at $0.5500 with more than 995.41 million shares, compared to its average volume of 42.54 million shares. The stock has moved within a range of $0.4851 – 0.6900 after opening the trade at $0.5788.
Key Driver:
The rally in the stock on Tuesday took its gains for the week so far to 74% and in light of such strong gains, it could be imperative for investors to start tracking the stock. Yesterday, the integrated tech company ACM Group Holdings Inc announced that it got into a new strategic partnership with Meten and that might have been the reason behind the strong rally in the stock.
This particular strategic partnership between the two parties is going to be focussed on the research and development efforts related to blockchain applications. In addition to that, the partnership is also going to work on the establishment of a supply chain specifically meant for cryptocurrency mining.
As per the terms of the agreement, Meten placed an initial order for a total of 1500 Bitcoin mining machines and the order in question is worth as much as $12 million. At this point, investors could consider adding the Meten stock to their watch lists and keep an eye on the developments.
