Helios and Matheson Analytics Inc (NASDAQ: HMNY)
Helios and Matheson Analytics is having an incredibly strong day in the market today. When the trading session opened for the day, the stock was trading well into the green. From there, it was on a steady decline for most of the morning, but seems to have hit support well above the break even point. Now, it’s on its way back up. Below, we’ll talk about what we’re seeing form HMNY, why, and what we’ll be watching for ahead.
What We’re Seeing From HMNY
As mentioned above, Helios and Matheson Analytics was off to a relatively strong day in the market today. At the open of the session, the stock was trading with incredibly strong profits. Throughout the day, we’ve seen a bit of a correction from highs, but the stock has stayed well above the break even point all day. Now, it’s headed back up. Currently (11:10), HMNY is trading at $4.39 per share after a gain of $0.12 per share or 2.80% thus far today.
Why The Stock Is Gaining
As is normally the case, our partners at Trade Ideas were the first to inform us of the gains on HMNY. As soon as they did, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to uncover the story in this case. It seems as though the gains are being caused by a positive PR released early this morning.
In the press release, Helios and Matheson Analytics announced the completion of beta testing of Zone’s proprietary artificial intelligence technology. The goal is to use this technology in the company’s RedZone Map app to better analyze recent crime patterns and predict criminal activity. In a state, Ted Farnsworth, CEO at HMNY had the following to offer…
“Dr. Rajan’s groundbreaking AI technology will allow us to deliver a wider range of criminal data than before, including a crime forecasting feature… We expect this new AI technology to help move RedZone Map into the forefront of the crime data sector, benefiting our app users and law enforcement alik.”
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HMNY. In particular, we’re interested in learning more about how the AI will equate to dollars in the long run. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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