Quanergy Systems (NYSE:QNGY) stock is taking off on Friday following an update about its orders during the fourth quarter of 2021.
According to the company, it received orders for more than 1,000 sensors used in Internet of Things (IoT) applications during the period. The company manufacturers OPA-based solid-state LiDAR sensors and smart 3D solutions for the automotive and IoT markets.
Quanergy Systems doesn’t go into exact details about which companies or organizations made these orders. However, it does mention that this is the highest number of sensors ordered in a single quarter over the last three years. That news has investors excited today.
Quanergy Systems quickly saw its stock take off this morning alongside heavy trading. As of this writing, more than 22 million shares of QNGY stock have changed hands. That’s a massive leap over its daily average trading volume of about 524,000 shares.
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Brad Sherrard, CRO of Quanergy Systems, said the following in the news report boosting QNGY stock higher today.
“Q4 21 was an excellent finish to what started as a challenging year. The orders secured for over 1,000 sensors underscore the business impact that our smart LiDAR solutions are providing customers and partners worldwide to unlock the full power of their IoT applications.”
QNGY stock is up 3.3% as of Friday morning following a surge in price when markets opened earlier today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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