Borqs Technologies (NASDAQ:BRQS) Stock Corrects After The Monster Rally: Now What?
Borqs Technologies (NASDAQ:BRQS) has dropped 32% in a week after recent weeks despite the Internet of Things company not releasing any news. Established in 2007, Borqs focuses on creating and deploying solutions and products in the IoT space and making smart-enabled products connecting to Android devices. The company went public in August 2017 and trades under ticker BRQS on the Nasdaq Capital Markets.
The stock has witnessed significant interest in recent weeks, and it is a result of retail investors looking to pump it higher. As a result, there is a lot to talk about in social media regarding BRQS, as retailer investors notice. On Twitter, Antonio Costa has been promoting the BRQS to his 144,000 followers, and the same discussion has been ongoing on Reddit with PennyStocks subreddit users discussing its potential.
In recent weeks BRQS has seen heavy trading with massive gains before the latest drop. Therefore, in the coming weeks, BRQS is a stock to watch.
Market Reaction:
On Wednesday, BRQS stock went down 8% at $0.9374 with more than 26.34 million shares, compared to its average volume of 8.50 million shares. The stock had moved within a range of $0.9150 – 1.0600 after opening the trade at $1.04. Over the past 52-week, the stock has been trading within a range of $0.8100 – 3.3500.
