The week started off on a strong note for ShiftPixy Inc (NASDAQ:PIXY) as investors piled on to its stock in a big way and sent it soaring by as much as 39% amidst heavy interest.
Trading Data
On Monday, PIXY stock soared 38.715 to close at $1.72 with more than 54.13 million shares traded, compared to its average volume of 5.19 million shares. The stock has moved within a range of $1.3700 – 1.8200 after opening trading at $1.46.
Major Trigger
The rally in the stock came about after the company announced that it was making plans for the adoption of a new NFT loyalty initiative. In this context, it should be noted that ShiftPixy is mainly known for operating a platform that lets the users in applying for specific work shifts with different employers. ShiftPixy is looking to make life easier for those people who are a part of the ever growing gig economy.
ShiftPixy has claimed that the new NFT loyalty program is going to come with features like “Web, In-App Gamification, and Augmented Reality (AR).” The features are then going to be bundled together in brand specific NFTs for the number of food brand ordering apps that it owns. In light of the gains made by the ShiftPixy stock, it might be a good idea for investors to possibly consider adding the stock to their watch lists at this point in time and watch for further developments.
Technical Data
PIXY stock is trading above the 20-Day and 50-Day Moving averages of $1.19 and $0.98 respectively. Moreover, the stock is trading above the 20-Day moving average of $1.65.
