As the march of 5G continues apace, it is only natural for investors to look into stocks which may be involved in the sector and one of the stocks that you could look into today is that of Borqs Technologies Inc (NASDAQ:BRQS).
The company is a global 5G wireless solutions provider and last Friday it had come into considerable focus among investors. It ended up with gains of as much as 14% for the day and it now remains to be seen if it can manage to hold on to its momentum this week.
Trading Data
On Friday, BRQS stock soared 14.60% to $0.4240 with more than 23.49 million shares, compared to its average volume of 3.78 million shares. The stock has moved within a range of $0.3550 – 0.4870 after opening trade at $0.36.
Recent News
While the gains made by the stock may have been considerable, it is perhaps also necessary to remember that there was no news about it last week. As a matter of fact, the last time any news emerged about Borqs was back on December 22, 2021.
At the time, the company had announced that it inked a Strategic Cooperation Agreement for a period of five years with the intelligent vehicle solutions firm Cheyin Intelligent Technologies Co Ltd. It was a major announcement considering the possibility that may emerge for a 5G solutions firm I the intelligent vehicle industry. It may be a good time to add Borqs to your watch lists at this point.
Key Quote
Pat Chan, the Chairman and CEO of Borqs said: “We are very pleased to team up with Cheyin to leverage our deep expertise in the IoT and embedded software solutions. Borqs has developed software for In-Vehicle-Infotainment systems in the past several years which were installed in some of the China-made automobiles. Digital transformation in the automobile industry is accelerating in the coming years because of the robust growth of electric vehicles. Future cars will be more software centric and intelligent to enhance customer experiences. We look forward to our cooperation with Cheyin to address the business opportunities in the tremendous EV smart cockpit market.”
Technical Data
BRQS stock is trading below the 50-Day and 200-Day Moving averages of $0.42 and $0.47 respectively. Moreover, the stock is below 20-Day moving average of $0.72.
