Luokung Technology Corp (NASDAQ:LKCO) Stock Bounces Back After The Recent Sell-Off: A Buy Now?
Luokung Technology Corp (NASDAQ:LKCO) jumped 12.35%, but the stock is down 30% in a month. Recently, the company entered an autonomous data collection and management service contract in China with a leading auto manufacturer.
The company’s wholly-owned subsidiary eMapgo Technologies (Beijing) Co. Ltd., has started implementing the service and expects to have a long-term responsibility as the auto maker’s autonomous data service provider. eMapgo has been contracted by an international supplier of auto parts in Europe to be its designated autonomous driving data management and simulation testing service provider.
Recently the company announced that the eMapgo-sponsored Intelligent and Connected Vehicles Acquisition Element Model and Exchange Format standard had been certified by the China Society of Automotive Engineering Standards and approved for release. eMapgo sponsored the development of the standard over the past 16 months through joint collaboration with over 20 companies, including software & hardware manufacturers and map manufacturers in the autonomous driving sector. So in the coming months, LKCO is a stock to watch.
Market Reaction:
On Wednesday, LKCO stock surged 12.74% at $1.73 with more than 10.21 shares, compared to its average volume of 10.65 million shares. The stock has moved within a range of $1.5100 – 1.8300 after opening the trade at $1.52. Over the past 52-week, the stock has been trading within a range of $0.3600 – 3.8600.