Late into the pre-market of the trading, the stock of Powerbridge Technologies (PBTS) continues to turn heads, seeing a persistent climb of up to 4.33% observed at a certain point in time. This low-priced stock, although still well beneath the $1 mark, has been in a steady bearish movement since its stock began trading in 2019. The recent turn in events put the stock as one seeing steady growth over the previous day which happens to coincide with the bullish trend of Bitcoin observed across the last five days.
PBTS Background and Prospects
PBTS, the China-based software company which specializes in blockchain technologies, and is involved in the mining of various cryptocurrencies, has been on the news late last year. This had been in relation to the announcement of its wholly-owned subsidiary of Powerstream Supply Chain Limited, looking to implement SaaS solutions in the global supply chain domain. Earlier in February, the company further announced its ambitions to venture into virtual technologies, amidst popular discourse on metaverse related technologies, and their implications. In order to actualize these ambitions, the company announced the launch of Metafusion Company Limited, in a joint partnership with its subsidiary, Powermeta Digital Company. Despite the promise of these breakthroughs, there had been little impact on the stock price of the company in the periods following these announcements.
Discourse across Social Media
Chatter amongst investors across various social media platforms indicates that the PBTS stock is being closely assessed with anticipation of high short-term growth. This is being expected to be similar to that which had been observed with the MULN stock, last night, which saw a phenomenal 263% growth in a five-day period, being dubbed a “short squeeze”. Users on both Reddit and Twitter have been linking the rapid growth in the after-trading hours of the stock with Bitcoin gains, which Powerbridge had capitalized on through its crypto-mining activity.
Conclusion
Traders eyeing the stock believe it is currently at a turning point and will continue to see significant growth well into the pre-market trading hours into the next few days. An announcement from the company is awaited, announcing its successful gains from Bitcoin and Ethereum mining, which would only enhance confidence across the market. However, the degree to which these optimistic expectations will actually be met remains ambiguous, primarily due to the low price of the stock, still well below the $1 mark.
