Auddia Inc (AUUD) Stock Sees Profit Taking After The Big Jump: Time To Buy?
If a stock manager to go one a remarkably strong rally then it is only natural for a correction to arrive eventually and that is what seemed to have happened with the Auddia Inc (NASDAQ:AUUD) stock yesterday.
The Auddia stock declined slightly yesterday but at the same time investors ought to note that in the previous two weeks it had delivered gains of as much as 180%. The company is involved in the development of its proprietary platform powered by artificial intelligence that is meant for providing unique audio technologies for podcasts.
Last week, the company was in focus among many investors after it announced that its Auddia app was going to be available on the App Store. On the other hand, the Android version of the app was supposed to be launched a week later according to the announcement from the company.
However, in this regard, it is also necessary for investors to note that Lakes Media also started marketing the launch of the app in a big way on the air waves from July 5. Hence, the company has possibly got considerable publicity already. It now remains to be seen if the stock can make a recovery today.
Market Reaction:
On Tuesday, AUUD stock went down 7.41% at $6.87 with more than 10.31 million shares, compared to its average volume of 2.70 million shares. The stock had moved within a range of $6.24 – 8.40 after opening the trade at $7.32. Over the past 52-week, the stock has been trading within a range of $2.21 – 9.30.
