Cemtrex Inc (NASDAQ:CETX) Stock Soars On value Buying: What Next?

Technology company Cemtrex Inc (NASDAQ:CETX) seems to have become one of the new meme stocks after the stock became a target of retail investors from different online platforms. There has been no news about the company but on Monday the stock soared by as much as 32%.

In light of such gains, it might be a good idea for investors to take a look at the company and its business. The technology firm offers a range of services to many clients spread across many different industries and had gone public back in 2007. However, it should also be noted that Cemtrex had actually been established back in 2004.

When it was launched, Cemtrex had primarily been focussed on the manufacturing of electronics, however, over the past few years, it has moved on to other products.

Some of the more important points of focus for Cemtrex at this point in time are Internet of Things or IoT and mixed energy solutions. The company has also launched a VR training program as part of those projects. Yesterday, the Cemtrex stock recorded high volumes amidst heavy trading and it now remains to be seen if the stock can manage to hold on to its momentum today.

Market Reaction:

On Monday, CETX stock soared 31.54% at $1.96 with more than 148.87 million shares, compared to its average volume of 522k shares. The stock had moved within a range of $1.8800 – 2.4900 after opening the trade at $2. Over the past 52-week, the stock has been trading within a range of $0.9410 – 4.2000.