The Siyata Mobile Inc (NASDAQ: SYTA) stock price rallied 40.6% despite the lack of significant announcements from the provider of cellular communications devices to enterprises. The company manufactures and sells communication devices for enterprise fleets.
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The company’s products include cellular network boosters, rugged communication handsets and in-vehicle devices marketed under the Uniden brand. The firm reported a 111% surge in Q3 revenues following the introduction of its SD7 rugged push-to-talk device in Q2 2022.
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Today’s rally in Siyata Mobile stock was primarily driven by positive investor sentiment, although the company is marketing its in-vehicle device known as the VK7. The VK7 is the latest device from Siyata designed as a PushToTalk device that can be used in emergencies.
The VK7 device has a dedicated Remote Speaker Microphone (RSM), an external antenna for robust reception and a bracket for easy mounting. Siyata’s devices make it easy for fleets to communicate within remote areas.
Siyata Mobile also manufactures and sells cellular boosters targeted at clients in areas with poor reception, such as rural areas. These devices are also tailored to people who travel across multiple regions punctuated by areas with poor reception.
The company had not made any announcements in 2023, with its last significant announcement coming on 6 December 2022, when it added RadioTrader as its UK and Ireland distributor. RadioTrader will distribute its popular SD7 devices and VK7 accessories in the two countries.
Siyata Mobile also released its Q3 earnings results in mid-November 2022, showing a massive improvement in its sales figures as outlined above. The company’s sales rose 111% to ~$2.6 million in Q3, while its pre-tax loss fell 68% to ~$1.6 million.
As an investor, I’m interested in seeing what comes next for Siyata Mobile in Q1 2023, even as we wait for the company to release its Q4 2022 results this quarter. Over 8.02 million Siyata Mobile shares had changed hands at writing.
*This is not investment advice.
Siyata Mobile (SYTA) stock price.
The Siyata Mobile (SYTA) stock price rallied 40.62% to trade at $0.23, rising from Tuesday’s closing price of $0.16.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.