• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing AITX stock price: Will this penny stock recover in 2023?
Investing

AITX stock price: Will this penny stock recover in 2023?

by December 15, 2022
by December 15, 2022 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

AITX (OTC: AITX) stock price has been in a freefall in the past few months as concerns about the company continues. The penny stock was trading at $0.0070 on Thursday, which was close to its all-time low. It has plunged by more than 99% from its all-time high and by 54% in 2022, giving it a market cap of $39.2 million and an enterprise value of $65 million.

Artificial Intelligence Technology Solutions

AITX is a small technology company that manufactures robots that are used in several industries like manufacturing. The firm operates through its subsidiaries: RAD, RADM, and RADG. RAD creates stationary workflow automation solutions that are used in industries while RADM creates mobile automation solutions. RADG is a software company that creates autonomous remote services solutions.

AITX is a loss-making company that is in a cash-burning phase. The most recent results showed that the subscription revenue increased by 85% on a year-on-year basis to $228k. Its gross profit margin declined as the company dealt with inventories. 

AITX is a highly dilutive company. In October, the firm received about $4 million after selling shares. It also expects to sell additional stock worth between $4 million and $6 million. It hopes to use these proceeds to repay its debt and funding its growth. 

AITX robots are gaining traction. The firm has orders from 35 of the top Fortune 500 companies and it expects this growth to continue. It is gaining traction from security companies, who are using the robots to save thousands of dollars every year. In a recent statement, the firm said that it had 280 units of RAD in deployment and a backorder of 280 units. The CEO said:

“The entire Company is running at full speed as we continue our drive to be the dominant player in the security services and #proptech industries. We intend to continue to fuel the Company’s growth and expansion.”

Still, the main concern for the AITX stock price is the significantly high debt and significant cash burn. It has more than $35 million in total liabilities and little cash. Therefore, with the stock sitting at an all-time low, the company will likely have a challenge selling more stock.

AITX stock price forecast

The AITX share price has been in a freefall in the past few months as the company continues to dilute its shareholders. It has crashed below all moving averages and the important resistance level of $0.018, which was the highest level on November 21. It has moved below the important support level at $0.0092, which was the lowest point since May. The Relative Strength Index (RSI) has continued falling. 

Therefore, the AITX share price will likely continue falling as sellers target the next psychological level at $0.0050. A move above the resistance point at $0.0092 will invalidate the bearish view.

The post AITX stock price: Will this penny stock recover in 2023? appeared first on Invezz.

You Might Also Like
  • Coinbase to lay off another 20% of its workforce
  • Pinduoduo at the blink of a breakout to $100. What to expect in the quarter earnings
  • The 10 Best Options Trading Books
  • 40+ Spotify statistics 2022: SPOT stock, revenue and performance
Share
0
FacebookTwitterPinterestWhatsapp

previous post
PayPal partners with MetaMask to allow users buy crypto
next post
Opera launches new Web3 security tools for crypto users

You may also like

Phillip Newman foresees considerable headwinds for silver prices in 2023

November 30, 2022

Is There A ‘Free Lunch’ In Options?

May 28, 2024

Should I buy Verizon Communications shares in January 2023?

December 25, 2022

Why You Should Never Use a Stop Loss in Options...

February 15, 2023

Don’t buy ARKK ETF stock in 2023: Buy this alternative...

December 28, 2022

As Glazers seek sale, how much is Manchester United worth?

November 28, 2022

25+ incredible oil industry statistics & facts from 2022

December 22, 2022

7 Skills You Have To Master To Play In The...

December 29, 2023

Binance users withdraw $2 billion in 24 hours

December 13, 2022

U.S. job market is still very hot: what to expect...

December 2, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025
    • E.l.f. Beauty to acquire Hailey Bieber skin care brand Rhode in up to $1 billion deal

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,764 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,450 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,429 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,307 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Options Time Decay Explained: Understanding Theta

    April 5, 2023

    7 Skills You Have To Master...

    December 29, 2023

    Apple is the best stock in...

    December 1, 2022
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here