Kronos Advanced Technologies: Bulls Are Back As The Stock Hits New High
One of the stocks that have managed to deliver significant gains in recent times is that of the product development company Kronos Advanced Technologies Inc. (OTCMKTS:KNOS). The company is best known for having developed air purifiers that have changed the way in which air is purified, moved, and sterilized. On Monday, the stock jumped significantly on the back of a major announcement from the company and due to those gains, it could be worthwhile for investors to possibly take a closer look at the stock.
Accepted As An Online Supplier At Walmart.Com
On Monday, the company announced that it has received approval from retail giant Walmart Inc for being an online supplier to Walmart.com. The approval means that Kronos’ air purifiers and other products will now be available to customers on Walmart.com in the coming days. It is a significant development for the company considering the sheer reach of the retail behemoth and the news was received with great enthusiasm by the market.
After the announcement, the Kronos Advanced stock gained by as much as 48%, and the reaction is understandable. Walmart has seen considerable growth in its online business in the last quarter and much of that was driven by the fact that many people were forced to stay at home due to the coronavirus pandemic.
Kronos will be part of the Shopify powered marketplace that is operated by Walmart. The marketplace offers as many as 75 million products and in the first fiscal quarter, it generated more growth than the company’s overall online business. Third-party sales are also far more profitable for everyone involved since the sellers only have to pay a fee for a sale and then take care of the deliveries themselves. In order to take advantage of this deal, Kronos has also ordered higher inventories for its whole range of product lines. It is a major milestone for the company and one that could propel it to new heights in the years to come.
There has been other important development around Kronos Advanced in recent times as well and it is important for investors to be abreast of those. Earlier this month, the company announced that it is going to transform into a Public Benefit Corporation and commit more towards higher business practices standards than just unlocking value for its shareholders.
In order words, the best interests of the Kronos consumers are going to be at the center of the company’s business practices and not the sole purpose of generating profits. These corporations are often focussed on considering the effect of their actions on society and not only on the bottom line. All these developments have meant that the Kronos stock has attracted a lot of interest from bulls. Investors could consider putting the stock in their watch lists.
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