It is quite likely that High Wire Networks (OTCMKTS:SGSI) is going to be come on to the radars of many investors today after the company’s stock ended up with gains of as much as 7% on Tuesday.
Trading Data
On Tuesday, SGSI stock moved up by 7.23% to $0.2617 with more than 848k shares traded, compared to its average volume of 614k shares. The stock has moved within a range of $0.2400 – 0.2699 after opening trading at $0.2440.
High Wire Networks Wins Government Contract for Networking Solutions and Project Management
In this context, it is also necessary to point out that the rally on Tuesday managed to reverse a downward trend in the stock. Over the course of the past week, the stock is still down by 12%. However, it is important to take a look at the development that actually led to the recovery in the stock yesterday.
On Tuesday, High Wire Networks was in focus after it announced a new network solutions project that is worth as much as $800,000. It is a significantly large project and it was also revealed that High Wire Networks is also going to be responsible for the delivery of onsite engineers and project management services at as many as 600 government sites.
This will be a major rollout for the company and is going to add the number of government projects that High Wire Networks already has in its kitty. It may be a good move to track the stock today.
Key Quote
“With the demand for federal infrastructure upgrades intensifying, High Wire is the go-to technical field and professional service delivery partner for turnkey solutions,” said Mark Porter, President and CEO of High Wire.
Technical Data
SGSI stock is trading below the 20-Day and 50-Day Moving averages of $0.30 and $0.42 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.32. The stock is down 20% in the past month.
