Last week, we reported that Inpixon (NASDAQ:INPX), a Palo Alto, California-based company was joining the blockchain sector, sending its stock up almost 60% at one point during the trading day. Today, the stock continues to jump, despite not actually having disclosed anything since the January 9th announcement.
What Happened Last Week?
The data analytics company announced last Tuesday that it was going to create a device reputation repository by using blockchain technology. Why? Because it will help advance IoT security as well as help to protect retail payment.
In the report last week, I mentioned that I think Inpixon will benefit greatly from using blockchain because when it’s being used for its services, it will help lower the level of risk retailers endure. It seems, thus far, that I have been right as the stock is currently up more than 50% for no specific reason.
As of this writing, Inpixon is trading at $0.51, which puts the stock up $0.17, or 51.17%.
That being said, just because Inpixon didn’t release any news today doesn’t mean we should be surprised that the stock is climbing. Inpixon did state last week that it has a lot planned for this year, with CEO Nadir Ali stating that moving into the blockchain sector was just one out of several plans they have for 2018, adding that the public should be expecting to hear more plans within the next few weeks.
Moving into blockchain has become increasingly popular within the corporate world, so it will be interesting to see if Inpixon can continue to increase and if it can give itself a competitive edge in a now in demand industry.
We are still waiting for the upcoming plans, but based on today’s trading session, it seems investors have remained relatively optimistic about it all since the move was announced last week.
Featured Image: twitter
