Sphere 3D (ANY) Stock: Here’s Why It’s Flying!

Sphere 3D Corp ANY Stock News

Sphere 3D Corp (NASDAQ: ANY) is rocketing in the market this morning. However, if you go digging for press releases and SEC filings, you’re not going to find anything. Nonetheless, that doesn’t mean that there’s no reason for the gains. Today, we’ll talk about:

  • Why ANY stock is headed up;
  • what we’re seeing from the stock; and
  • what we’ll be watching for ahead.

ANY Stock Is Rocketing: Here’s Why

As mentioned above, Sphere 3D is having a great start to the trading session this morning, but there has been no news released. So, what’s the deal? Well, it started last week when the company announced that it has regained compliance with the NASDAQ.

The NASDAQ requires that equities listed maintain a minimum share price of $1.00 per more. Unfortunately, the company fell below this mark. Nonetheless, last week, ANY announced that it had regained compliance with the NASDAQ listing requirement and would not be delisted. This news is overwhelmingly important because maintained listing means that the company will maintain access to capital.

Why The Delayed Reaction

Believe it or not, the reaction wasn’t delayed. In fact, on the day of the announcement, the stock was up by around 20%. Nonetheless, the announcmeent did come just before the Thanksgiving holiday. It’s my belief that the holiday dampened the market’s reaction. However, today is the first Monday following the holiday and investors are starting to take note, pushing ANY for the top.

It’s also worth mentioning that this run is leading to technical indicators lighting up and telling traders that a bullish trend is on the way. At the moment, the stock is trading above its 200-day moving average, suggesting that more gains are on the way. Nonetheless, these gains are much needed as the stock has given up more than 70% from its 52 week high.

What We’re Seeing From The StockĀ 

With NASDAQ compliance now regained, Sphere 3D investors are excited, and that excitement can be seen in the dramatic rise in value that we’re seeing from the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:33), ANY is trading at $7.50 per share after a gain of $1.91 per share or 34.17% thus far today.

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What We’ll Be Watching For Ahead

Moving forward, the iWatch Markets team will continue to keep a close eye on ANY. In particular, we’re interested in following the company’s continued growth in the cloud computing space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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