There has been frenetic trading in the DatChat Inc (NASDAQ:DATS) stock over the course of the past few days and the situation remained the same on Thursday as the stock clocked gains of as much as 11%. Investors ought to note that the rally in the stock yesterday took its gains for the past week to as much as 27%.
On Thursday, DATS stock gained 11.37% to $3.33 with more than 105.42 million shares traded, compared to its average volume of 3.5 million shares. The stock has moved within a range of $3.2800 – 4.1400 after opening trading at $3.43.
The company, which is involved in the alternative social media space, announced earlier on in the week that it was making a move in the NFT (non-fungible token) security industry. Yesterday, it made a follow up announcement that demonstrated its resolve to enter that space.
DatChat announced that it had inked a letter of intent with regards to the acquisition of the company Avila Security Corporation. It is a major move from the company considering the fact that it will expand the foot print of DatChat in the blockchain and user data security industries in a significant way. Hence, the excitement among investors with regards to DatChat’s entry into this lucrative industry is perhaps understandable. It now remains to be seen if the stock can manage to add to its gains today and finish the week on a rousing note.
DATS stock is below the 50-Day and 200-Day Moving averages of $3.85 and $6.36 respectively. However, the stock is trading above the 20-Day moving average of $3.05.