Premarket moves are often an indication of how the rest of the day might go for a stock and hence, investors might consider taking a look at the stock of the international business process automation company Exela Technologies (NASDAQ:XELA).
The stock has gone up by as much as 30% in the premarket trading period despite there being no news about the stock. However, at the same time, it should not be forgotten that earlier on in the month the company announced the expansion as well as extension of a key partnership.
This partnership in question is with one of the biggest specialty care services insurance companies in the United States. This partnership involved the company’s cloud powered digital exchange platform named PCH Global which offers a single point from which all sorts of insurance related work can be accomplished by an insurer.
An insurance company will be able to take care of everything related to its work starting from payment, claims management and correspondence by using this workflow engine created by Exela. While it is true that there has been no news, the rally in the stock is perhaps an indication that investors might need to keep an eye on news related to Exela this week.
Market Reaction:
On Monday, XELA stock jumped 6% to $1.47 with more than 8.04 million shares, compared to its average volume of 2.42 million shares. The stock has moved within a range of $1.3982 – 1.5100 after opening the trade at $1.40 Over the past 52-week, the stock has been trading within a range of $0.9900 – 7.8200. Moreover, the stock is up another 33.33% to $1.96 in the pre-market session.
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