Cemtrex Inc (NASDAQ:CETX) Jumps And Then Fall Back: But Why?
Earlier on this week, the tech company Cemtrex Inc (NASDAQ:CETX) had emerged as a notable gainer from among meme stocks but things have taken a different turn fairly quickly.
On Wednesday, the stock suffered from a selloff and declined by as much as 23%, thereby wiping out all the gains it had made in the week up until then. There was no news about the company that prompted retail traders from different social media platforms to pile on to the stock. Hence, it might now be a better idea for investors to perhaps get a better idea about the company.
The company is involved in the tech sector and is a going concern that offers is services to many clients across several industries. Cemtrex had been established back in 2004 and it was in 2007 that it went public. When it started out, Cemtrex had been involved in the manufacturing and electronics space.
It was only in recent years that the company decided to broaden its range of offerings and go into some new businesses. At this point in time, Cemtrex is involved with the Internet of Things (IoT) space and the mixed reality solutions space. Despite the correction in the stock, it might be a good idea to keep an eye on it.
Market Reaction:
On Wednesday, CETX stock slumped 23% at $1.40 with more than 8.26 million shares, compared to its average volume of 3.14 million shares. The stock had moved within a range of $1.4000 – 1.7700 after opening the trade at $1.69. Over the past 52-week, the stock has been trading within a range of $0.9410 – 4.2000.
