In the past week, the tech company Borqs Technologies Inc (NASDAQ:BRQS) has seen its stock go through a major rally, and during that period, it has managed to clock gains of as much as 20%.
Trading Data
On Monday, BRQS stock gained 0.95% to $0.1908 with more than 27.51 million shares, compared to its average volume of 36.57 million shares. The stock moved within a range of $0.1829 – 0.2000 after opening trading at $0.20.
Recent News
In this context, it is necessary to point out that the company had made a major announcement last week on May 18 and it may be a good time to take a look into it. Borqs announced that Holu Hon Energy LLC, its solar energy and energy storage subsidiary unit had gone into a partnership with Hawaii Green Energy Infrastructure Authority, a state agency, and even signed a contract.
See Why This OTC Fintech Stock May Have Investors Seeing Green
As per the provisions of the contract, Holu Hon is going to be responsible for supplying not only solar energy but also energy storage systems to an affordable housing community named Kunia Village which is located on Oahu island. It was a major new development for Borqs and marks its entry into the potentially high-growth renewable energy sector.
In this regard, it is also necessary to point out that the company is specifically looking to work in the Multi-Unit Residential Buildings niche in the renewable energy industry.
Technical Data
BRQS stock is trading below the 20-Day and 50-Day Moving averages of $0.21 and $0.23 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.45.
