Inpixon (NASDAQ: INPX) is having yet another incredibly strong start to the trading session this morning, following up on the strong gains that we saw on the stock yesterday. The gains are ultimately the result of the company’s announcement of an entrance into the blockchain. We’ve seen quite a bit of movement in the market as a result of the blockchain recently. Just take a look at KODK, DPW, and HMNY. Today, we’ll talk about the news from INPX, what we’re seeing from the stock, and what we’ll be watching for ahead.
INPX Continues Skyward On Blockchain News
As mentioned above, Inpixon is having an overwhelmingly strong start to the trading session this morning, following up on the strong gains that we saw on the stock yesterday. The recent gains are ultimately the result of a press release issued by the company surrounding the blockchain.
In the press release, INPX said it believes that the use of blockchain in connection with its Indoor Positioning Analytics platform will help to reduce risk for retailers. This is done by creating a self-managing payment platform that will deliver value and reward customers for loyalty. At the same time, the system that the company is working on will help to reduce threat by layering device reputation onto simple account management. Ultimately, this will be fueled by the blockchain, which allows for the rapid identification and quarantining of mal-devices to prevent fraudulent transactions. In a statement, Nadir Ali, CEO at 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.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. Recently, any news surrounding the entrance into the blockchain space has led to massive gains in the value of the stock. That’s exactly what we’re seeing out of Inpixon. After strong gains yesterday, the stock continues skyward on the news. Of course our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:04), INPX is trading at $0.34 per share after a gain of $0.05 per share (16.90%) 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 following the story surrounding the company’s use of the blockchain to enhance their products and services. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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