My Size, Inc. (NASDAQ: MYSZ) is having an overwhelmingly strong day in the market today, and for good reason. The company announced that its app is now available on Android devices, leading to excitement among investors who are sending the stock toward the top. Today, we’ll talk about the news, what we’re seeing from MYSZ as a result, and what we’ll be watching for ahead.
MYSZ Gains Big On Android Announcement
As mentioned above, My Size is having an incredibly strong day in the market today after announcing news surrounding one of its apps. In a press release issued early this morning, the company announced that its SizeIT smart measuring tape standard development kit (also known as SDK), is now available for integration with any Android application.
In the release, MYSZ explained that SizeIT is the core technology behind the company’s TruSizeTM, SizeUpTM, and BoxSizeIDTM applications. The technology can now be embedded into any company’s existing or white-label mobile app in a short period of time. Ultimately, this offers an efficient solution to rising costs associated with product sizing issues and returns. In a statement, Ronen Luzon, CEO at MYSZ, had the following to offer:
The ability to incorporate SizeIT within an existing Android or iOS mobile application offers retailers the capability to provide their customers with a complete measurement solution – whether purchasing a new shirt, installing curtains or preparing to ship a package. My Size believes that it may generate revenue through licensing fees each time SizeIt is used within a third party developed app… We are now able to offer more opportunities to harness the SizeIT technology and create customized solutions for accurate and efficient measurement, enabling retailers and shipping companies to eliminate costly inefficiencies and potentially improve their bottom line.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news surrounding My Size proved to be overwhelmingly positive. After all, as a result of this news, the company has opened the door to a new revenue stream. So, it’s no surprise that investors are sending this stock toward the top today. Currently (11:53), MYSZ is trading at $1.73 per share after a gain of $0.17 per share (10.91%) 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 MYSZ. In particular, we’re interested in following the uptake of SizeIT among retailers, as they continue to show interest in the company’s technology. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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