In Thursday’s hot penny stocks, Cemtrex (NASDAQ:CETX) has been riding quite the high since mid-morning, with CETX stock more than doubling in value thanks in part to the business completing an augmented reality (AR) project that is indicative of the level of talent and innovation at the company.
The tech business — which was founded in the U.S. in 1998 — revealed on Tuesday that it completed the development of an AR application for the King Abdulaziz Center for National Dialogue (KACND) in Saudi Arabia. The app creates a more interactive experience to visitors who visit the Center as it allows them to unmask secrets as they interact with various rooms around the venue and surrounding community.
The Cemtrex app’s functionalities include giving users the ability to interact with certain locations in the Pledge Room to reveal hidden animations and inspiring quotes from historical figures. Users can also write virtual graffiti that other visitors can see, or they can blow into their devices to bring out inspirational and uplifting quotes.
A person with the app can also use custom photo filters to promote engagement with the Center, which they can share on social media platforms. “This application exemplifies the creativity and technical excellence of our VR/AR team,” said Saagar Govil, CEO and Chairman of Cemtrex.
“The market for applications like this is only growing, and our team is already ahead of the curve…” he added. “We are also seeing increased demand in services to build AR applications as different companies experiment with new ideas to utilize augmented reality in their business.”
CETX stock is skyrocketing about 121.70% by Thursday afternoon following the company’s news.