Exela Technologies (NASDAQ:XELA) stock is on the move today despite heavy trading as investors on Reddit WallStreetBets are reviving interest in the company.
The WSB subreddit is alive today with traders talking up XELA stock. All of this extra attention has the company’s shares seeing extra trading today. As of this writing, more than 60 million shares of the stock have changed hands. That’s a major jump from its daily average trading volume of 20.7 million shares.
This has some investors believing that Exela Technologies could be the next GameStop (NYSE:GME). For those unaware, GME got massive boosts from Reddit traders earlier this year and kicked off the meme stock trend.
With that in mind, investors will want to know more about XELA stock. Let’s dive into the company below.
- Exela Technologies is a global business process automation company.
- It was created in 2002 via a merger between SourceHOV, Novitex Holdings, and Quinpario Acquisition Corp. 2.
- The company currently serves more than 4,000 customers across 50 countries.
- That includes more than 60% of the Fortune 100 companies.
- Recent news includes it raising $85 million from its $150 million at-the-market equity program launched on June 30, 2021.
- It plans to use these funds to reduce its debt by $25 million and fund growth opportunities.
- Exela Technologies also notes that it had $205 million of cash and cash equivalents on hand at the end of June.
XELA stock was down 12.5% as of Wednesday morning.
Investors that are looking for more hot stock market news today will want to keep reading!
InvestorPlace.com keeps up with the latest stock news with a wide variety of market coverage. That includes today’s pre-market stock movers, what happened to the stock market yesterday, as well as Ashford Hospitality Trust (NYSE:AHT) fall yesterday. You can read all these stories at the links below!
More Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.
- AHT Stock: Why Reddit Favorite Ashford Hospitality Is Plunging Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed