Infobird (NASDAQ:IFBD) stock is rising higher on Tuesday after the company announced thta it has signed a new business cooperation agreement with an unnamed company.
According to a press release, this will see it develop software for an information technology system to be used by the partnering company. Infobird notes that the total value of this deal is $1.8 million.
Infobird points out that the company it signed this agreement with focuses on a “Gig Economy Platform” of “localized life services.” This will see Infobird focus on building out its software-as-a-service (SaaS) to better help this customer expand its business.
It also bears mentioning that this SaaS will handle call center operations. The unnamed company in this deal is already exploring new business options and has dedicated time to research and development in this sector.
How This Affects IFBD Stock Today
With this news comes heavy trading of Infobird stock on Tuesday. As of this writing, more than 4.9 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 143,000 shares.
IFBD stock is up 62.4% as of Tuesday morning. However, the shares were also down 98% year-to-date (YTD) as of Monday’s close.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news that traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest news concerning fintech stocks and more. All of that info is ready to go at the links below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- SOFI, COIN, HOOD, UPST, or AFRM: Who’s Winning the Fintech Stocks Race?
- TIO Stock Alert: SEC Backs Hindenburg in Accusing Tingo of ‘Staggering’ Fraud
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 hold (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.
