On Tuesday, the Sensen Networks Ltd (OTCMKTS:SNNSF) stock did not have a great time in the markets as it ended the day with a decline of as much as 3% following a selloff.
Market Action
On Tuesday, SNNSF stock fell 2.50% to $0.0780 with 10K share, compared to its average volume of 3.2k shares. The stock has moved within a range of $0.0780 – 0.0780 after opening trade at $0.0780.
SenSen signs agreement with Chicago Parking Meters to digitize the curb
However, at the same time, it is necessary for investors to note that today the company made a key announcement that could put the focus right back on the SenSen stock. Today the company announced that it inked an agreement with Chicago Parking Meters by way of which it is going to be involved in the work related to digitising the curb.
As per the announcements, the companies executed a Master Services Agreement, which specifies that SenSen is going to deploy its famous sensor AI technology for the purposes of collecting real time curb data.
The curb data is going to be gathered from curb space that Chicago Parking Meters manages in the City of Chicago. The contract that the company has won is going to result in revenues to the tune of more than $1 million for the 2022 financial year. The contract lasts for several years and the revenue figure is expected to go up in the coming years when all systems are in place.
Key Quote
SenSen CEO Subhash Challa commented: “We are excited to be working with CPM and the team lead by CEO Mr. Dennis Pedrelli, with the opportunity to solve many challenging problems that are unique to the curbside within the city of Chicago and CPM operations.
Traders Note
SNNSF stock is trading below the 10-Day and 20-Day Moving averages of $0.0831 and $0.0890. Moreover, the stock is trading is the neutral zone with RSI stands at 31. Key pivot point is $0.0780.
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