Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Remark Holdings Inc (NASDAQ: MARK) stock price soared over 296.8% during premarket trading. It added to its 138.44% surge during Friday’s trading session as retail investors drove the AI technology company’s share price higher.
Retail investors primarily drove today’s rally on popular social media platforms such as Reddit, and Stocktwits in a classic meme stock rally that has seen the shares of many unlikely companies soar dramatically in the past.
Luckily for Remark, the company has tangible AI-driven products that are in high demand, given the recent launch of its KanKan AI platform for the management of school campuses across China on October 12, 2021.
Unlike some other companies abandoning China due to the recently introduced strict rules and regulations within many sectors of the economy, including the education sector, Remark is one of the few companies looking to expand in China.
The new KanKan AI platform is designed to comply with the new stringent rules in China’s education sector while relieving school administrators of some of the tedious manual tasks they currently have to complete regularly.
The company increased the number of resellers operating in China and told investors that the opportunity in China could be worth up to $18 million.
Remark’s AI-based technologies can apply to other industries to perform crucial tasks such as retail intelligence & customer analytics solutions, fintech risk analysis & lead acquisition solutions, workplace & public safety solutions, and other test cases.
The company won a $5 million contract on September 23, 2021, to install its AI-driven work safety services in 100 industrial real estate building sites. The contract covers building sites located in Shanghai, Shenzhen.
Remark is set to install its safety systems in about 30 sites by the end of 2021, with the rest of the buildings having the system installed by the end of 2021. This is yet another example of the company’s success within China.
Therefore, there are solid fundamental reasons that could support a rally in the company’s share price. Still, the latest rally has created a parabolic shape that is typically followed by a significant pullback.
I wouldn’t buy the company’s stock at current prices, given the extended nature of its stock price. Instead, I would wait for a pullback or look for other undervalued companies to invest in.
*This is not investment advice. Always do your due diligence before making investment decisions.
Remark Holdings stock price.
Remark Holding stock price rallied 296.77% premarket to trade at $8.61, rising from Friday’s closing price of $2.17.
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .