SPECIAL REPORT The Top 7 Stocks for 2024

Why Is Cyngn (CYN) Stock Up 73% Today?

Advertisement

  • Cyngn (CYN) stock is gaining alongside a new patent.
  • This adds additional protection to its self-driving AI technology.
  • With this news comes heavy trading of CYN shares.
CYN Stock - Why Is Cyngn (CYN) Stock Up 73% Today?

Source: Zapp2Photo / Shutterstock.com

Cyngn (NASDAQ:CYN) stock is rising higher on Thursday after the company was granted a new patent covering artificial intelligence (AI) for self-driving cars.

The new patent granted to Cyngn covers its novel modular extensible behavioral decision system for autonomous driving. This adds environmental elements, including regions of interest and objects, to the autonomous vehicles’ decision-making skills.

Investors will note that Cyngn already has several patents covering self-driving cars and AI. With this newest one, the company’s patents in this area have now reached 17. It first started securing these patents back in 2021.

Cyngn chairman and CEO Lior Tal said the following about the latest patent news:

“In navigating the dynamic currents of our evolving industry, we are committed to building out a robust patent portfolio to protect our intellectual property. These novel inventions help to set us apart by enabling automation solutions with unique value propositions to our customers.”

CYN Stock Movement Today

Cyngn is seeing heavy trading of its shares on Thursday following the patent news. That has more than 69 million shares of the stock trading hands as investors buy CYN. To put that number in perspective, the company’s daily average trading volume is closer to 313,000 shares.

CYN stock is up 73.3% as of Thursday morning but has still been down 29.2% since the start of the year.

There’s plenty more stock market news that traders are going to want to read about below!

We have all of the hottest stock market news ready to go on Thursday! Among that is what’s happening with shares of Lilium (NASDAQ:LILM), Nikola (NASDAQ:NKLA) and Cerevel Therapeutics (NASDAQ:CERE) stock today. All of that info is available at the following links!

More Thursday Stock Market News

On Penny Stocks and Low-Volume Stocks: 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 

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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/12/why-is-cyngn-cyn-stock-up-73-today/.

©2024 InvestorPlace Media, LLC