Exela Technologies (NASDAQ:XELA) Stock Soars To 4-Month High: Time To Buy?

Business process automation (BPA) company Exela Technologies (NASDAQ: XELA) is in focus today among investors and has managed to clock gains of 10% so far this morning.

This morning the company announced that it has expanded its range of offerings in the artificial intelligence powered automation in the BPA space. The company launched a new product named Intelligent Document Processing (IDP), which is supposed to be combined with Exela’s robotic process automation platform EON. It is a major development for Exela and the reaction in the markets was understandable. This particular automation solution is supposed to be used in the public sector and also in the healthcare industry.

This is a move that the company believes is going to help in strengthening its position as one of the major players in the industry. IDP comes with a wide variety of advanced features like document classification, data routing into the cloud and data extraction. These are services that could go a long way in helping the many clients that the company has gathered over the years. Now that the stock is in action this morning, it is going to be interesting to see if Exela can hold on to its momentum and add to its gains. Market Reaction:

Market Reaction:

As of 10:42, XELA stock jumped 7.50% at $3.12 with more than 61.05 million shares, compared to its average volume of 34.36 million shares. The stock had moved within a range of $2.9800 – 3.3500 after opening the trade at $3.19. Over the past 52-week, the stock has been trading within a range of $0.9900 – 7.8200.