In the past week, the Chinese big data services firm Luokong Technology Corp (NASDAQ:LKCO) has been in major focus from among investors and that can be gauged from the price action in the stock. This past Friday the stock was in the middle of a rally once again and rallied by 9%.
Trading Data
On Friday, LKCO stock surged 9% to $0.8798 with more than 5.47 million shares, compared to its average volume of 2.86 million shares. The stock moved within a range of $0.8100 – 0.9200 after opening trade at $0.81.
Recent News
However, perhaps more pertinently, the stock rally took the gains made by the Luokong stock in the past week to as much as 75%. In this situation, it ought to be noted that the rally in the stock was not triggered by any material news about the company at all.
In fact, the last time the company was in the news was back on December 2, 2021. At the time the company announced the interim financial results for the three and nine month periods, both of which had ended on September 30, 2021.
The company noted that it generated revenues of as much as $74.9 million for the nine month period and that worked out to be far higher than the $13.1 million in the prior year period. In the three month period, the revenues stood at $37 million and that was again much higher than the $5.8 million that was generated in the prior year period.
Key Quote
Mr. Xuesong Song, Chairman and CEO of Luokung, stated, “We continued to build upon the positive momentum generated during the first half of 2021 and are pleased to have achieved record revenues of $74.9 million in the nine months ended September 30, 2021, primarily driven by the growth of our LBS business as a result of an expanding customer base. The accelerated growth in our top line results was also supported by increased sales of remote sensing and GIS data management services platform software and services and increased revenue contributions from our smart transportation business.”
Technical Data
LKCO stock is trading above the 20-Day and 50-Day Moving averages of $0.62 and $0.65 respectively. However, the stock is trading below the 200-Day moving average of $1.24.
