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QNGY Stock: Why Lidar Company Quanergy Systems Is Soaring Today

Quanergy Systems (NYSE:QNGY) stock is taking off on Friday following an update about its orders during the fourth quarter of 2021.

Source: Shutterstock

According to the company, it received orders for more than 1,000 sensors used in Intern…

Quanergy Systems (NYSE:QNGY) stock is taking off on Friday following an update about its orders during the fourth quarter of 2021.

Source: Shutterstock

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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.

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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.”

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QNGY stock is up 3.3% as of Friday morning following a surge in price when markets opened earlier today.

Investors seeking more stock market news will want to keep reading!

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InvestorPlace has all the latest stock coverage that traders need to know about for Friday! Among that is DraftKings (NASDAQ:DKNG) stock falling on its 2022 outlook, volatility for Cepton (NASDAQ:CPTN) stock this morning, as well as what to know about Roku (NASDAQ:ROKU) stock after its earnings report. You can find all of this news at the following links!

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More Stock Market News for Friday

  • DKNG Stock: Why Is DraftKings Down Today?
  • CPTN Stock Alert: What Is Going on With Cepton Today?
  • Is ROKU Stock a Buy on Earnings Plunge? 3 Analysts Weigh In on Roku Price Predictions.

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.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed

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The post QNGY Stock: Why Lidar Company Quanergy Systems Is Soaring Today appeared first on InvestorPlace.

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