Audio and video compression services company Cytta Corp (OTCMKTS:CYCA) is one of the leaders in its industry and yesterday, the company’s stock was in the middle of a bit of a selloff following an announcement. The Cytta Corp stock declined by as much as 4% yesterday.
Trading Data
On Monday, CYCA stock moved down 4.39% at $0.3155 with more than 148k shares, compared to its average volume of 121k shares. The stock has moved within a range of $0.3050 – 0.3300 after opening trade at $0.33.
Recent News
However, at the same time, it should not be forgotten that the stock has performed strongly in the past week and despite the fall, it is still up by 14% during the period. Yesterday, the company announced that it was looking to expand the extent of its services through the launch of its new cloud based Artificial Intelligence backed SaaS (software as a service) meant for enterprise clients.
It goes without saying that it was a major development for the company but it seems that the investors were not particularly excited about the whole thing. The product in question is going to be an offering that is going to be a part of the IGAN Incident Command Platform. It is a product that is meant to be particularly useful for those who might be involved in the first responders industry. It now remains to be seen if the Cytta Corp stock can bounce back any time soon.
Key Quote
Mr. Gary Campbell, the CEO, said, “As a result of operational challenges from the COVID-19 impact, we are excited to be introducing a cloud-based IGAN Incident Command Platform to our First Responder customers.” Mr. Campbell further stated, “Our SAAS model allows Cytta to provide turn-key agile solutions with a recurring revenue stream and higher margins. This model also allows us to scale our operations and deployment much more rapidly. We will also continue to offer hardware-based systems and on-premises solutions to our customers’ specifications.”
