Shares of the Borqs Technologies, Inc. (BRQS) stock were climbing in the pre-market trading session despite no recent news. BRQS stock price saw a push of 2.21% to reach $0.790 a share at the time of this writing. The stock went high in the previous trade and closed at $0.773 per share with a 0.10% gain. Let’s take a closer look at this stock.
What’s Happening?
There is no announcement or press release by the Borqs technologies to explain the bullish sentiment. No analyst has recently upgraded or increased the target price of BRQS stock. It seems that social media discussions between investors are making the stock price high.
Borqs Technologies, Inc is operating by providing software development services and android products solutions all over the world. Its BorqsWare software platform is addressing the vertical market segment needs. BorqsWare contains BorqsWare client software that is functional in android and IoT devices. It also contains BorqsWare server software which helps users to develop end-to-end services for their own devices.
Nasdaq notification to BRQS stock:
Nasdaq Stock Market LLC sent a written notification to BRQS stock on August 18, 2021, regarding minimum bid price deficiency. The notification stated that BRQS minimum bid price does not comply with the Nasdaq rules set forth. The notification letter did not affect the business operations. From July 07, 2021, to August 17, the BRQS stock price remained lower than $1.00. The historical data shows that the per share price of Borqs stock remained lower than 1.00 as of August 31, 2021.
Borqs management is monitoring the closing bid price of ordinary shares of its common stock. The stock may implement the reverse share split in order to regain compliance with Nasdaq’s rule of minimum bid price requirement.
BRQS stock agreement with Zippie:
On August 11, 2021, BRQS stock entered into an agreement with Zippie, a blockchain application, and payment platform company. According to the agreement, both companies will work together for IoT autonomous payments solutions to meet the rising demand for digital currency transactions.
July News:
In July 2021, BRQS stock received many bids from the real estate developers to build a 1.9 million square foot, $100 million 5G Industrial Park in Huzhou, China. Borqs has been granted 1.7 million square feet of land-use rights by the Chinese government which is worth US$110 million.
Wrap Up:
The market sentiment is in favor of BRQS stock without any obvious reason. Such rises and falls commonly happens in the stock market. Long-term investors should do both fundamental and technical analysis before making any decision.
