Remark Holdings (NASDAQ:MARK) is on the move Tuesday, despite no new news coming from the company. So what exactly has MARK stock heading higher?
MARK stock has actually been on the rise for a couple of weeks now. The reason behind this increase likely has to do with an announcement made at the end of April. At that time, the company announced it was sending products from its AI thermal line to the U.S. and Japan.
At first, that may not seem like anything major, but it is. Remark Holdings creates devices that allow people to check temperatures without having to come in contact with each other. In a time when the novel coronavirus is forcing social distancing on people, that’s a valuable asset.
Now, take into account that several states in the U.S. are starting to allow businesses to open up again. With these businesses opening their doors, the products from Remark Holdings could be a key to limiting the spread of the coronavirus.
Kai-Shing Tao, the CEO of Remark Holdings, claims as much in a statement from that April news release.
“We are proud that customers such as casinos, entertainment venues, government agencies, hospitality organizations, industrial operations, law enforcement, and retail establishments have placed their trust in our AI-based thermal products to function as part of the solution for reopening the U.S. economy.”
MARK stock was up 7.2% as of Tuesday afternoon and is up 188.7% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.