Technology holding company Hawkeye Systems Inc (OTCMKTS:HWKE) was in considerable focus among investors on Thursday and its stock ended up with gains of as much as 25%.
Market Action
On Thursday, HWKE stock surged 24.93% at $0.0875 with more than 45.30K shares, compared to its average volume of 26.39K shares. The stock has moved within a range of $0.0650 – 0.0999 after opening the trade at $0.0700.
Major Announcement
In light of such enormous gains, it might be a good idea for investors to take a look at the update that had been provided by Hawkeye yesterday. The update was with regards to the progress that it made in its quest to acquire the entirety of the shares in the technology company Six15 Technologies. The acquisition in question is going to be completed entirely in stock.
The Chief Executive Officer of the company Corby Marshall spoke about the transaction as well. He stated that the company received considerable encouragement from the banking community with regards to this transaction.
On the other hand, he stated that expert analysis about comparable data from the industry revealed that there could be massive upside to the technologies and markets in which Six15 operates. He concluded by stating that he was looking forward to completing the transaction. At this point in time, it might be a good idea for investors to keep an eye on the developments and then make a decision about the Hawkeye stock one way or another.
Key Quote
Corby Marshall, CEO of Hawkeye, stated, “We are quite encouraged by the response from the banking community as we advance toward our objective of achieving a Nasdaq up listing through the strategic acquisition of Six15. Most notably, the analysis of industry comparable data has revealed enormous potential upside as Six15’s technology and market performance more than rivals its key competitors. We look forward to completing the acquisition and positioning the consolidated company for exponential long-term shareholder value.”
Traders Note
HWKE stock is trading above the 20-Day and 50-Day Moving averages of $0.0.811 and $0.0816. However, the stock is trading below the 200-Day moving average of $0.1310. The stock is up 30% over the past month.
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