Inpixon (NASDAQ: INPX) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news surrounding its entrance into the blockchain, leading to excitement among investors and sending the stock soaring. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to INPX ahead.
INPX Gains On Blockchain News
As mentioned above, Inpixon is having an incredibly strong start to the trading session this morning after announcing blockchain news. In a press release issued early this morning, the company said that it will use blockchain technology to develop a global repository of device reputations to help enterprise security and retailers mitigate rogue-device risk proactively.
In the press release, INPX said that it believes that blockchain, in connection with its Indoor Positioning Analytics platform, will help to drive down the overall risk for retailers. Ultimately, the risk is reduced by creating a self-managing payment platform that will deliver value and reward its customers for loyalty, while also reducing threat by leveraging device reputation through account management.
INPX said that it can rapidly identify and quarantine mal-devices with blockchain technology, which will help to prevent fraudulent transactions, creating the potential to protect millions of dollars. In a statement, Nadir Ali, CEO of INPX, had the following to offer:
“The use of blockchain technology is one of several strategic product development plans we have for 2018 that we believe will modernize Indoor Positioning radically… With the use of blockchain technologies for various applications, including security enforcement, payment authorization, identity verification, and access authentication, the Inpixon IPA platform which provides accurate indoor positioning context for millions of devices will be able to offer unique device reputation.”
How The Stock Reacted To The News
As investors, one of the first things that we learn is that the news causes movement. Recently, there have been few bits of news that cause quite as much movement as blockchain news. Just take a look at what we saw from LFIN, DPW, OTIV, and others when they announced their entrance into the world of blockchain. Considering this, with the news from Inpixon that it is making an entrance into the blockchain as well, it only makes sense that we’re seeing strong gains. At the moment (10:00), INPX is trading at $0.35 per share after a gain of $0.13 per share (56.76%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on INPX. In particular, we’re interested in watching the company’s transformation as it adds blockchain technology into its mix of strong products. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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