This past Friday, the Chinese big data company Luokung Technology Corp (NASDAQ:LKCO) emerged as one of the notable gainers and jumped by as much as 22% after the company made a major announcement with regards to its subsidiary company eMapgo Technologies (Beijing) Co Ltd.
Investors need to note that eMapgo is one of the biggest players in the Chinese electronic map services and navigation industry. On Friday, Luokong announced that eMapgo bagged a new contract by way of which it is going to make an advanced traffic control network and a smart highway demonstration project for the Changjiu Expressway. The Expressway is located in the Jiangxi Province.
It is a significant development and hence, the reaction of the market was not surprising. As per the provisions of the contract, eMapgo is going to be in charge of not only developing but also ultimately implementing a real life 3D highway digital management system.
A digital management system is going to be in place as well and it will provide the operators with real time information regarding the traffic. Luokong has become a well known player in the smart transportation business and the latest development further reinforces that fact. Investors could consider adding the stock to their watch lists today.
Market Reaction:
On Friday, LKCO stock jumped by 22.16% to $2.37 with more than 24.61 million shares, compared to its average volume of 8.84 million shares. The stock has moved within a range of $1.9900 – 2.4250 after opening the trade at $2. Over the past 52-week, the stock has been trading within a range of $ 0.3600 – 3.8600. Moreover, the stock is up another 11.50% to $2.64 in the pre-market session on Monday.
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