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Viomi Tech (NASDAQ:VIOT) stock is on the rise Friday despite a lack of news about the company coming out today.
That increase in price comes alongside heavy trading of VIOT stock. As of this writing, more than 26 million shares have changed hands. That’s an incredible spike in trading compared to its daily average trading volume of roughly 407,000 shares.
So why exactly is VIOT stock up on Friday? The company doesn’t have any new press releases or SEC filings. Instead, it looks like this is continued movement from a rally on Thursday. That saw the stock gain 21.9%.
With that in mind, here’s what investors in VIOT stock need to know about the company before diving in.
Viomi Tech is an Internet of Things (IoT) company that offers its own platform of connected products.
The smart products offered by the company include purification systems, refrigerators, range hoods, washing machines, and more.
It’s worth noting that a major partner of the company is Xiaomi, which also holds a stake in VIOT stock.
Working with Xiaomi gives Viomi Tech access to its platform.
That includes its “ecosystem users, market and data resources and related support.”
Viomi Tech’s main target is the new young, modern middle class of customers in China.
The company is led by founder, chairman and CEO Xiaoping Chen.
It was created in 2014 and joined the public market in 2018.
VIOT stock was up 54.8% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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