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Highlights
- Weebit shares closed over 18% stronger today despite no significant announcement from the company.
- Weebit’s presentation at the International Memory Workshop in Germany must have impressed investors.
- The performance of the ASX 200 Information Technology sector could also be responsible for this jump.
The shares of Weebit Nano Ltd (ASX:WBT) closed trading 18.502% higher at AU$2.69 per share on the ASX today (18 May). Approximately 1.7 million shares of Weebit were traded during the entire trading session on the ASX today.
The share price of Weebit has gained approximately 46% on the ASX over the past 12 months. On the other hand, Weebit’s year-to-date share price fell almost by 7% on the ASX today (18 May).
What pushed Weebit’s shares on ASX today?
Weebit managed to grab investors’ attention on the ASX today with a heavy trading volume of 1.7 million. There could be various factors responsible for Weebit’s share price surge on the ASX today.
One of the primary reasons could be the performance of the overall Information Technology sector on the ASX today. The S&P/ASX 200 Information Technology sector (ASX:XIJ) closed trading 1.912% higher at 1492.1 on the ASX today (18 May).
Another probable reason for the company to receive so much attention from the investors could be its International Memory Workshop that took place this week in Dresden, Germany.
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About the International Memory Workshop
Image source: © Rawpixelimages | Megapixl.com
Weebit has already announced earlier that it will be participating in the 14th International Memory Workshop (IMW) 2022 in Dresden, Germany. This event is an international platform for technologists to share and gather knowledge about new innovations and developments in the memory technology.
The company was supposed to present test results of Weebit ReRAM in 28nm at the event. The results were supposed to include the details of ReRAM’s endurance and reliability in high temperatures.
Weebit must have impressed the investors with its presentation at the event, which has let the company’s share price skyrocket on Wednesday.
Investors must have predicted a bright future for the company after seeing the presentation. Furthermore, with the rising price of commodities and raw materials, there lies a possibility to deliver improved revenue as the demand for Weebit’s technology is also high.
About Weebit:
Weebit Nano Ltd belongs to the ASX Information Technology sector with a market capitalisation of AU$391.12 million. Weebit was established in the year 2005 with its headquarter in Melbourne, Australia.
The company precisely deals with the business of developing groundbreaking semiconductor memory technology. Weebit’s Resistive RAM (ReRAM) technology caters to the growing need for higher performance and lower power memory solutions in electronic products like the Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G network and Artificial Intelligence (AI).
