With the omicron variant on the rise and holiday plans underway, Americans are busily hunting down at-home test kits and alternate means of protection. It’s clear that other ways of reducing the spread of the virus will be necessary, and air purification provider AeroClean Technologies (NASDAQ:AERC) is trying to fill that void. AERC stock isn’t experiencing a smooth ride to the top, though.
What’s Happening With AERC Stock
AeroClean’s journey since it began trading a few weeks ago has been nothing if not turbulent. Its initial public offering (IPO) shocked markets. Shares skyrocketed by more than 80% in their first day on the Nasdaq before plunging just as quickly. AERC stock has failed to gain any serious momentum since then, but yesterday did bring some excitement for investors.
This week began with AERC stock closing out Monday up 33%. Today, shares have experienced continued volatility, initially dipping into the red. As of this writing, they are up just over 7%.
Why It Matters
Since its market debut, AeroClean has been busy. The Florida-based company recently announced that it would be installing air purification devices at fitness center MADabolic Jupiter. A week before, it confirmed plans to launch The Safe Air Technology program to help mark indoor spaces with air purification technology installed. Neither of these developments helped elevate AERC stock, though, which stayed mostly stagnate until yesterday’s spike.
It is quite telling that operations designed to extend use of AeroClean’s technologies haven’t helped the stock achieve any sustainable growth. The only thing that could, though, might be the rise in Covid-19 fears generated by the omicron variant. Never have consumers been more keen to find methods of staying safe that don’t require giving up their ability socialize. While the companies that produce at-home testing kits are likely going to be stocks to watch during this phase of the pandemic, there will also be a market like for technology like AeroClean’s. Its air purification tech promises hospital-grade sanitization and says it can eliminate any Covid-19 variant.
It’s also worth noting that AeroClean gained impressive traction on social media during its early trading days. While it hasn’t stayed in the public focus since, AERC could certainly garner meme stock status in the new year.
What It Means
AERC stock has experienced considerable turbulence today but that doesn’t mean it should be counted out. It produces the same type of technology that could make it a breakout stock of early 2022 as the virus continues to spread.
Much about the variant is still uncertain but even as vaccine producers make progress on combatting the variant, the little-known AERC stock is absolutely worth watching as more facts emerge.
On the date of publication, Samuel O’Brient 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.