A look at the premarket action in the markets is often a good idea for investors before the start of the trading day and this morning it is the Nxt-ID Inc (NASDAQ:NXTD) stock that could be tracked. The stock had been one of the major movers yesterday and had rallied by as much as 60% amidst heavy interest.
Trading Data
On Monday, NXTD stock moved up 18.92% at $4.40 with more than 34.11 million shares, compared to its average volume of 2.33 million shares. The stock has moved within a range of $3.3100 – 5.5500 after opening the trade at $3.3520.
Major Trigger
This morning, it has continued on the same vein and has managed to generate gains of as much as 20% during the premarket trading period. While the gains made by the stock were considerable, it is also important to keep in mind that there has been no fresh news about the company today.
The last time any news emerged about the company was back on October 15 this year when the company announced that the shareholders had given their approval for certain reverse stock split proposals.
The reverse stock splits in question were that of the common shares of Nxt-ID and that of the Series C preferred stock in the company. While it was a significant development, it is unlikely that the latest rally has been triggered by that. Investors could do well to keep an eye on any news related to Nxt-ID this morning.
Technical Data
NXTD stock is trading below the 200-Day and 50-Day Moving averages of $9.54 and $4.51 respectively. However, the stock is trading above the 20-Day moving average of $3.48. The stock is down 70% so far this year.
