The publication of a shareholder report can often come as a considerable boost for any stock and that was possibly the case with the Crossroads Systems Inc (OTCMKTS:CRSS) stock on Thursday.
The stock was in considerable demand yesterday and managed to clock gains of as much as 28% as investors piled on to it in a big way. In the letter, the company noted that at this point in time Crossroads Systems is still in the process of dealing with the after effects of the coronavirus pandemic. The company noted that it is working with its partners in order to reduce the impact of the pandemic on its business and also that of its borrowers.
However, in this regard, it is also necessary to point out that Crossroads Systems also pointed out that as the United States slowly but surely opens up following the pandemic, Crossroads is in its strongest financial health ever. That is a major announcement considering the fact that the coronavirus pandemic had wrecked many businesses and their finances. However, the strong financial position of the company could be of immense help in its quest to gets its business back on track following the pandemic.
Market Reaction:
On Thursday, CRSS stock soared 28% at $59 with more than 67k shares, compared to its average volume of 18k shares. The stock had moved within a range of $46.00 – 60.87 after opening the trade at $46. Over the past 52-week, the stock has been trading within a range of $6.50 – 60.87.
 Stock Continues to Hit New High: But Why?){kind=link}