Real-time digital engagement firm Evolving Systems (OTCMKTS:EVOL) is one of the companies that inexplicably came into considerable focus among investors yesterday despite there being no news. The stock emerged as one of the major movers in the market on Monday and ended the day with gains of as much as 32%.
Trading Data
On Monday, EVOL stock moved up 32.80% to $0.69 with more than 10.97 million shares traded, compared to its average volume of 2.50 million shares. The stock moved within a range of $0.6212 – 0.7250 after opening trading at $0.6220.
Major Trigger
Due to the absence of any news about the company, it may be a good time for investors to perhaps take a look at the last piece of news that had actually emerged about Evolving Systems. At the time, it was announced that Evolving Systems had managed to get into a strategic partnership with the company Zain Saudi Arabia.
As per the provisions of the agreement, Evolving Systems had been made responsible for providing a major component of the new loyalty offering from Zaid Saudi Arabia. However, it is difficult to say at this point in time if this development from back on February 3 had any bearing on the rally that was seen in the stock on Monday. It may be a good idea for investors to currently wait for fresh news about the company before making any decision.
Technical Data
EVOL stock is trading below the 20-Day and 50-Day Moving averages of $1.18 and $1.46 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.02.
