Borqs Technologies (NASDAQ:BRQS) was up more than 70% in trading today without any apparent market catalyst to speak of. Trading volume in BRQS stock was dramatically up, with more than 106 million trades today, compared with a daily average volume of a little under 7.3 million.
Borqs Technologies is heavily involved with Android smartphones, selling wireless devices as well as cloud computing, Internet of Things (IoT) and blockchain services. The company operates in China, India and the U.S.
While there’s no specific catalyst to speak of today, BRQS was the subject of social media chatter and speculation at the start of the month. Just before Christmas last year, the company announced that it would be reducing its debt by $18 million and eliminating institutional loans. Also in December 2020, the company signed an agreement to build a 5G industrial park in China.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.