Nxt-ID (NASDAQ:NXTD) is seeing massive gains to its stock on Wednesday despite a lack of news from the company.
All of this comes as investors boost the company’s shares higher with heavy trading. As of this writing, more than 126 million shares of NXTD stock have changed hands. For comparison, Nxt-ID’s daily average trading volume is only a fraction of that at 4.52 million shares.
So what exactly has NXTD stock taking off today? The run is likely connected to the recent success of bitcoin. The cryptocurrency’s price passed $20,000 early this morning, which was a major milestone for it.
Let’s take a deeper dive into Nxt-ID and why shares of NXTD might be moving higher today.
- Nxt-ID is an Internet of Things (IoT) company with a focus on security.
- Among its offers is the Wocket, which is a smart wallet.
- The company also has Flye, a digital credit card developed in collaboration with WorldVentures.
- It appears that interest in these offerings may be what has NXTD stock flying higher today.
This isn’t the only time in recent history that shares of NXTG stock have caught the eyes of investors. The stock also got a boost earlier this month following news from a shareholder meeting. That saw investors in the company reject plans for a reverse stock split.
NXTD stock was up 67.1% as of noon Wednesday and is up 75.7% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.