In recent days, investors have not been particularly kind to Artificial Intelligence Technology Solutions Inc (OTCMKTS:AITX) and that can be gauged from the price action in its stock.
Trading Data
On Tuesday, AITX stock fell 3.90% at $0.0345 with more than 28.43 million shares, compared to its average volume of 35.81 million shares. The stock has moved within a range of $0.0334 – 0.0367 after opening the trade at $0.0359.
Receives Two-Unit Opening Order From Major U.S. Electric Utility Company
The downward slide in the Artificial Intelligence Technology Solutions stock continued yesterday as it ended the day with a decline of 4%. The decline in the stock on Tuesday took its decline for the past week to as much as 15%. While the stock performance might have been poor the company did make a significant announcement yesterday with regards to another order that was received by its fully owned subsidiary company Robotic Assistance Devices.
It was announced that Robotic Assistance Devices got an initial order for one Responsive Operating Security Agent device and one Autonomous Verified Access device. The order had been placed by one of the biggest electric utility companies in the United States and is counted among the top 10 in its industry.
However, Robotic Assistance Devices could not reveal the identity of the client due to the non disclosure agreements that have been put in place. Hence, it could be said that it was a significant development for Artificial Intelligence Technology Solutions but investors did not seem to be particularly impressed.
Key Quote
“This is a huge win for RAD, and by association, the nation’s power grid,” said Steve Reinharz, CEO of AITX and RAD. “The nation’s power grid remains one of the most vulnerable components of our infrastructure. Billions of dollars are being allocated to cybersecurity within this industry, but the grid’s physical security has been neglected. This opening deployment is the beginning of the industry’s inevitable efforts to change that. This sector holds enormous potential for RAD,” Reinharz added.
Technical Data
AITX stock is trading below the 20-Day and 50-Day Moving averages of $0.0359 and $0.0371 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0747. The stock is up 13% in the past month.
