One de-SPAC (special purpose acquisition company) stock that has seen incredible price action this year is IronNet (NYSE:IRNT). Indeed, from a $10 SPAC initial public offering (IPO) level, IRNT stock surged to $46.50 in September, as investors looked to squeeze the shorts.
Today’s upside move of 55% in IRNT stock is reminiscent of IronNet’s earlier parabolic moves. As noted by fellow InvestorPlace contributor Brenden Rearick, IronNet is an intriguing cybersecurity play. The company focuses on preventing ransomware attacks. Indeed, given what we’ve seen this year with the Colonial Pipeline hack, and other high-profile ransomware activities, this company’s services are in higher demand than ever.
The company’s employees include a number of former National Security Agency (NSA) operatives. Additionally, this company’s platform is the first-ever collective defense platform to operate at scale. Accordingly, there’s a lot hypergrowth investors like about this company.
That said, let’s dive into the company-specific news driving IRNT stock higher today.
IRNT Stock Booms on Joining Microsoft’s Intelligent Security Association
Today, IronNet announced the company was nominated to join Microsoft’s (NASDAQ:MSFT) Intelligent Security Association (MISA). By joining this association, IronNet hopes to deliver improved solutions to its clientele.
It is important to note this company is already a Microsoft partner. Accordingly, this move was one that investors may have seen coming.
However, this move by Microsoft to bring IronNet into MISA is a big one. It suggests the company may lean more heavily on IronNet’s cybersecurity platform. For a company of Microsoft’s size, the implications here are obvious.
Accordingly, it appears this is just the latest catalyst for retail investors watching this stock to jump on. Today’s price action in IRNT stock has been one-sided. Indeed, this is a stock with tremendous momentum right now.
Accordingly, the question many investors have is whether or not IRNT stock could head back to its previous highs. I think we’ll find out in short order.
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.
