As far as stocks are concerned, its ticker symbol is a major aspect of its identity in the market and any change to that is major news. Yesterday, Spectrum Global Solutions Inc. (OTCMKTS:SGSI) was in focus among investors after it emerged that its ticker symbol had been changed.
Trading Data
On Monday, SGSI stock fell 7% to $0.20 with more than 443K shares traded, compared to its average volume of 564k shares. The stock has moved within a range of $0.1886 – 0.2200 after opening trading at $0.2145.
Ticker Symbol Change for High Wire Networks
However, the news proved to be a source of significant boost for the stock and it ended the day with gains of as much as 18%. In this situation, it may be a good time to take a look at the news a bit more closely.
Yesterday, it emerged that FINRA had provided the approval to the company to change its name to High Wire Networks and also its ticker symbol to HWNI. The move went into effect on Monday and marks a major change for the company. However, that is not all. It was also noted that the CUSIP number that belongs to the company is also going to be changed.
At this point in time, it is perhaps important for investors to keep an eye on the stock and see if it can continue to add to its gains over the course of the coming days.
Technical Data
SGSI stock is trading below the 50-Day and 100-Day Moving averages of $0.3162 and $0.3506 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3029.
