America based Ethereum mining and technology firm Sysorex Inc (OTCMKTS:SYSX) may not have been in the news yesterday but its stock was in action nonetheless and managed to clock gains of as much as 21%.
Trading Data
On Tuesday, SYSX stock surged 20.61% to $0.0790 with more than 33.72 million shares, compared to its average volume of 27.71 million shares. The stock moved within a range of $0.0580 – 0.0820 after opening trade at $0.0619.
Sysorex Provides Business Update
Stocks can often rally strongly despite there being no news about the underlying companies and hence, it may be a good idea to look into any previous news that may have emerged about the companies. In case of Sysorex, the company had provided an update to its shareholders back on May 5 and it may be a good move to look into it.
Wayne Wasserberg, who is the Chief Executive Officer of the company, announced that two of the major shareholders in Sysorex, District 2 Capital Fund LP and Bigger Capital Fund LP had provided an endorsement. In an open letter issued to the shareholders previously, the two investors had noted that considerable ‘untapped potential’ of Sysorex.
Such an endorsement can often prove to be a major boost for investors. Although it is currently unclear whether that business update was the reason for yesterday’s rally, it is something that investors could do well to keep in mind when considering the Sysorex stock.
Key Quote
“At the outset, I would like to thank our valued shareholders, many of whom like Bigger Capital Fund, LP and District 2 Capital Fund LP, which issued an open letter to shareholders earlier this week, recognize the significant “untapped potential” in Sysorex,” stated Wayne Wasserberg, CEO of Sysorex.
Technical Data
SYSX stock is trading above the 20-Day and 50-Day Moving averages of $0.0495 and $0.0316 respectively. However, the stock is trading below the 200-Day moving average of $0.5373.
