Powerbridge Technologies (PBTS) Stock Soars to 3-Month High: A Buy Now?

Over the course of the past week or so, the Powerbridge Technologies Co Ltd (NASDAQ:PBTS) has seen its stock go on a strong rally on the back of rising investor interests and the trend continued on Tuesday.

The Powerbridge stock rallied strongly and managed to deliver gains of 70% yesterday. That took its gains from June 27, 2020 to as much as 100%. While the gains recorded by the stock have been handsome, it should be noted that there has been no news about the company in recent days that might have led to such a remarkable rally.

Back in April, the company announced that it signed a Strategic Cooperation Agreement with Chinese behemoth Huawei Technologies by way of which Powerbridge is going to collaborate on promotion as well as marketing of Huawei services at local Chinese customs and ports. It was a significant development for Powerbridge and one that must have brought the stock to the radars of many investors.

However, it is also necessary to note that the latest rally is unlikely to have been triggered by this deal from April. In this situation, it might be a good idea for investors to keep their eyes peeled with regards to any fresh news about Powerbridge.

Market Reaction:

On Tuesday, PBTS stock surged 69.44% at $3.05 with more than 41.91 million shares, compared to its average volume of 2.11 million shares. The stock had moved within a range of $1.8300 – 3.6400 after opening the trade at $1.84. Over the past 52-week, the stock has been trading within a range of $1.0700 – 9.6500.

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