Renren Inc (NYSE: RENN) is having an overwhelmingly strong day in the market today, and for good reason. The company announced acquisition news that led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from RENN, and what we’ll be watching for ahead.
RENN Announces Acquisition News
As mentioned above, Renren is having an incredibly strong trading session in the market today after announcing acquisition news. The company announced that it has entered into a definitive agreement, under which it will acquire 100% of Trucker Path Inc. Trucker Path is a provider of a social platform designed for the trucking industry in the United States.
The core product of Trucker Path is it’s application – a trip planning companion for truck drivers. Ultimately, the app enables a large driver community to assist each other with regard to options and routes.
In the press release, RENN said that the acquisition of Trucker Path is its entrance into the transportation sector. The company also said that, going forward, it will continue to explore breakthroughs within this space. In a comment, Joseph Chen, Chairman and CEO at RENN, had the following to offer:
“Currently, the two major emerging technology areas are artificial intelligence and blockchain. With the acquisition of the Trucker Path social platform and the Truckloads freight marketplace, the Company will be well-positioned technologically to drive innovation within this important industry.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. Today’s news surrounding Renren proved to be overwhelmingly positive, as it brings a new product into the company’s repertoire while offering a key bit of technology that will allow the company to move forward with innovation. So, it’s no surprise that we’re seeing gains in the value of the stock today. At the moment (11:54), RENN is trading at $14.81 per share after a gain of $2.38 per share (19.15%) 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 RENN. In particular, we’re interested in following the story to see what further moves the company makes with regard to providing state of the art technology to the trucking industry. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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