Today, one of the big movers that investors are keeping a close eye on is Rockley Photonics (NYSE:RKLY). Indeed, RKLY stock has been a volatile name this summer, soaring from its SPAC (special purpose acquisition company) IPO (initial public offering) price of $10 to nearly $17 per share, before plummeting to a low of below $7 per share. Today’s move of nearly 25% in RKLY stock at the time of writing brings this de-SPAC company above its SPAC IPO price for the first time in a couple weeks.
Indeed, de-SPAC companies have been difficult to gauge of late. Some have taken off, while others remain well below their IPO prices. It appears investors are becoming increasingly wary about the speculative nature of these investments and are gravitating toward quality in the SPAC realm.
Today’s rise in RKLY stock doesn’t appear to be tied to any specific catalysts. However, this is certainly a tech hardware stock worth looking at.
Let’s dive into a few things investors may want to know about Rockley Photonics.
What to Know About RKLY Stock
- Rockley Photonics is a U.K.-based company, with international reach for its products.
- The company focuses on developing silicon photonics technology, used mainly for wearable healthcare applications.
- Additionally, Rockley offers a mobile platform for these wearable solutions, as well as artificial intelligence (AI) and cloud analytics.
- The company raised $168 as a result of its reverse SPAC merger this summer.
- Rockley recently partnered with SC Health to raise money for its “spectrophotometer-on-a-chip” wearables product.
- It’s expected that human trials will begin early next year for this product.
- The company is aiming for a commercial launch date of 2022, and investors seem keen to buy RKLY stock ahead of any announcements.
On the date of publication, Chris MacDonald 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.