Logiq Inc (OTCMKTS:LGIQ) is well known as a firm which provides highly specialised consumer acquisition services to its clients and on Wednesday, the stock was in considerable focus among investors.
Trading Data
On Wednesday, LGIQ stock moved up 4.95% at $2.27 with more than 40K shares, compared to its average volume of 91k shares. The stock has moved within a range of $2.2000 – 2.3000 after opening trade at $2.20.
Latest News
Yesterday the company announced that it had managed to acquire a controlling stake in Lovarra by taking its holding to 450,000 outstanding shares. That transaction in question was completed through the company’s fully owned subsidiary company GoLogiq LLC. It was a significant announcement from the company and hence, ti was no surprise that the Logiq stock came into focus among investors. The stock ended up clocking gains of as much as 5% as investors moved in on it on Wednesday.
In this regard, it should also be noted that the acquisition is particularly important for Logic since it is expected to pave the way for the company to put its plan to separate two of its key business entities. Not too long ago, the company had announced that it was looking to split the AppLogic and DataLogiq businesses into two publicly traded companies. This acquisition is expected to help the company in speeding up that process. It remains to be seen if the stock manages to add to its gains today.
Key Quote
“This acquisition represents the next major step towards enabling both of our valuable business segments to better capitalize on their respective growth opportunities in the rapidly evolving e-commerce and fintech landscape,” stated Logiq president, Brent Suen. “Moreover, we believe this will unlock tremendous shareholder value.”
Technical Data
LGIQ stock is trading below the 20-Day and 50-Day Moving averages of $2.52 and $2.71 respectively. Moreover, the stock has pivot point at $2.55. The stock is down 28% in the past month.
