Home Business News A low-profile penny stock up by 300%, is it the time to buy?

A low-profile penny stock up by 300%, is it the time to buy?

5th Apr 24 9:56 am

THE NASDAQ Index has been up by 10% since the start of the year. Amidst this, many smaller stocks are taking advantage of the rally, and one such company has recently announced a partnership with Alphabet (NASDAQ: GOOG, NASDAQ: GOOGL).

Saqib Iqbal, a financial analyst at Trading.Biz, sees a strong potential for the company in the upcoming quarter, with an expected rise of 50%.

He says, “CXApp Inc. (NASDAQ: CXAI) has piqued my interest after announcing a strategic relationship and development agreement with Google Cloud as part of the introduction of the CXAI Platform. CXApp shares increased by more than 150% to begin the week following the news. What’s special is it has increased by more than 300% and the fundamentals suggest, it can rise further.”

CXApp Inc. is a tech company that provides employee working experiences. The company is situated in the San Francisco Bay Area and manages the CXAI SaaS platform, which is built on the convergence of customer experience and AI.

The firm has struggled over the previous five years and is down by 40% compared to 2019. This Google connection appears fruitful since the firm has increased its value by more than 300% this year.

With the latest partnership, the prospects are looking brighter for the SuperApp (that’s what they call themselves).

Google will use the Vertex AI platform to support CXApp’s Work SuperApp, generative AI apps, and experience analytics. This development and the company’s growth potential can take stock to the previous high levels.

CXAI technical analysis: Gathering pace

After rising more than 150% on April 1, the CXAI has lost some of its ground. The price is now trading above its 200-day SMA. 3.45 is the resistance-turned-support level for the stock now.

The next resistance level for the stock lies around 7.07, the level it crossed on Monday. If the price breaks this level, it can reach 9.29, the level it reached on June 23, 2023.

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