ALFI (ALF) soars 94% on Uber deal: A tech stock to buy?

Summary

  • Stocks of newly listed ALFI Inc (NASDAQ:ALF, ALF:US) surged 94 per cent to US$ 6.62 (10:20AM EST) on Tuesday, June 15.
  • The surge came after the company announced its newest deal.
  • ALFI made its public debut on the Nasdaq stock market on May 4 this year.

Stocks of newly listed ALFI Inc (NASDAQ:ALF, ALF:US) surged 94 per cent to US$ 6.62 (10:20AM EST) on Tuesday, June 15, shortly after the opening bell at the Nasdaq stock exchange.

The surge came after the company announced that it will be developing 10,000 digital tablets for Uber and Lyft drivers in the US in partnership with tech firm All-Niter.

The tablets will reportedly include ALFI's artificial intelligence (AI)-backed targeted advertisement platform. The software company's business operations are based on evolving technologies like machine learning and deep learning models to deliver content for a targeted audience.

ALFI, which made its public debut on the Nasdaq stock market on May 4, is expected to use AI and big data analytics in this new deal to analyse human behaviour and show personalized ads accordingly.

Why is ALFI’s (NASDAQ:ALF) new deal significant?

With ALFI's machine learning models and AI technology, content publishers will reportedly be able to deliver personalized ads to customers without tracking their data or violating user privacy.

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Rideshare drivers will also be able to make some extra money using ALFI's technology while driving their passengers around, the company noted while making the announcement.

ALFI also added that the digital tablets will be capable of sending ads based on age, gender, geography, and other related factors, all in real-time.

ALFI is increasing its global presence

ALFI signed a deal with Value Cabs, a company operating in Belfast, Ireland, earlier in June. Prior to that, in May this year, the artificial intelligence company was hired by a leading Brazilian company to display ads across all airports in the country.

ALFI’s stock & financial performance

ALFI share prices returned about 79 per cent in the past week and surged by 110 per cent month-to-date (MTD).

The stock recorded a 52-week low of US$ 2.41 during its public debut on May 4. Since then, the stock has been on the rise.

In the quarter ending March 31, 2021, ALFI’s cash and cash equivalents stood at US$ 96,021. 

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv.

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