Cyngn stock soars on Nvidia collaboration
Cyngn (CYN) saw its stock skyrocket on Thursday following the announcement of a new collaboration with Nvidia.
Cyngn has showcased how it uses Nvidia’s Isaac robotics platform for self-driving vehicles in industrial applications, News.Az reports, citing foreign media.
Cyngn was chosen by Nvidia for this collaboration among several other companies using the Isaac platform for similar operations. CEO Lior Tal said the Nvidia collaboration “helps reinforce our mission to build cutting-edge autonomous vehicles that deliver real-world ROI to industrial operators.”
Cyngn stock was up 166.67% in pre-market trading on Thursday, following a 20.72% rally yesterday. Today’s movement comes alongside heavy trading, with more than 31 million shares traded as of this writing, compared to a three-month daily average of roughly 30,000 units.
Turning to Wall Street, there’s a lack of analyst coverage for Cyngn. However, TipRanks’ AI analyst Spark fills that void. Spark rates CYN stock a Neutral (41) with a $4 price target, representing a potential 20.16% downside. It cites “considerable financial and technical challenges, with significant losses and bearish technical indicators” as reasons for this rating and price target. Today’s Nvidia collaboration announcement could alter this stance.
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