Key points:
- Inpixon (INPX) stock rallied 73.6% despite a lack of news.
- The company’s last news was regarding its purchase orders.
- An influx of buyers drove today’s rally higher, but will it last?
Inpixon (NASDAQ: INPX) stock price rallied 73.6% despite the lack of news releases from the company. The move higher was driven by an influx of buyers who pushed prices higher as they squeezed out any sellers who might have been sorting the stock.
Given that Inpinox had not released any news today, I had to look at previous news to figure out if the company reported anything interesting in the recent past. Luckily, there were two important announcements from the company this month.
Also read: The Best Cheap Tech Stocks Under $10.
The first announcement was the 75-for-1 reverse stock split that was announced on October 6 2022, which saw the company consolidate its shares to bring its share price in line with the Nasdaq listing rules that require stocks listed on the exchange to trade above $1 per share.
After the reverse stock split, INPX shares kept falling up to Thursday and Friday, when they formed a bottoming pattern, as shown in the chart below. Investors who saw the pattern and decided to buy Inpinox shares should now be enjoying significant gains in their positions.
Another significant announcement from Inpinox was on October 11, 2022, when the company publicised the number of purchase orders it had received for its industrial IoT systems, including from leading companies.
Inpinox secured an order from one of the largest global electronics distributors, where its IIoT platform and UWB tags are now available for purchase through the company’s worldwide platform.
The company also secured another order through its partner Schauenburg Systems to implement Inpixon’s IIoT solutions for a mining company to incorporate real-time location awareness into its collision avoidance systems to improve the safety of underground mining activities.
Inpinox also secured a purchase order with a U.S. government agency to expand the use of its wireless device detection and other security applications to enhance the security of the agency’s facilities.
Inpinox noted that it had secured many other orders, but the news did little to help its stock price, which kept falling.
Those who missed today’s rally higher should wait for a pullback before buying INPX stock.
*This is not investment advice.
Inpixon stock price.
The Inpixon stock price soared 73.64% to trade at $8.40, rising from Friday’s closing price of $4.78.