MicroAlgo stock opened 60% up on Monday: what happened?

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on Mar 25, 2024
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MicroAlgo (NASDAQ: MLGO) opened a whopping 60% up on Monday after announcing a “deep clustering algorithm based on multi-level feature fusion”.

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MicroAlgo stock still down materially year-to-date

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The new algorithm solves issues related to “data dimensionality disaster and feature redundancy, the central processing algorithm solutions company said in a press release today.

$MLGO also confirmed this morning that it will continue to work on its deep clustering algorithm in pursuit of “more efficient feature extraction methods and more flexible clustering algorithms”.

The Nasdaq listed firm is scheduled to report its quarterly results next month. Its last update was in August of 2023 when it lost 9 cents per share and generated just over $20 million in revenue.

MicroAlgo stock is still down more than 40% versus its year-to-date high.

MicroAlgo recently executed a reverse stock split

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The news arrives only days after MicroAlgo secured approval from its shareholders for a 1-for-10 reverse stock split at its extraordinary general meeting last week.

That helped $MLGO meet the requirements to remain listed on Nasdaq. Its stock started trading on split adjusted basis from March 22nd.

The Cayman Islands company offers comprehensive solutions that help improve end-user satisfaction and reduce costs as well as power consumption.

Note that MicroAlgo shares do not currently pay a dividend yield. The stock is not really covered by the Wall Street analysts either.

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