SRAX Inc (NASDAQ:SRAX) Stock Soars 74% YTD: What’s The Buzz?

The financial technology sector has grown at a remarkable rate over the course of the past few years and there are now many options in the stock market who may be considering an investment in the sector.

Market Stats

On Tuesday, SRAX stock fell 5.52% to $5.02 with more than 233k shares, compared to its average volume of 251k shares. The stock has moved within a range of $4.88 – 5.11 after opening trading at $5.11.

Latest News

One of the financial technology stocks that you could consider looking into at this point is that of SRAX Inc (NASDAQ:SRAX). The company is best known for having developed a SaaS (software as a service) platform name Sequire that helps in producing insights as well as data for companies. Over the course of the year so far, the SRAX stock has performed strongly and managed to clock gains of as much as 74% so far.

Last week, the SRAX stock was in focus once again after it announced its financial results for the third fiscal quarter. The company managed to generate revenues of as much as $8.3 million for the quarter and that reflected a staggering year on year rise of as much as 219%. On a sequential basis, the revenues went up by 8%. On the other hand, the SRAX projected that in the fourth quarter it was going to generate revenues of $10.1 million. In addition to that, the full year revenue target was also raised to $31.5 million.

Traders Corner

SRAX stock is trading below the 20-Day and 50-Day Moving averages of $5.55 and $5.65 respectively. However, the stock is trading above the 200-Day moving average of $4.94. The stock is down 13% in the past month.