Connect with us

Hi, what are you looking for?


2 reasons why the AITX stock price has surged in 2023


Artificial Intelligence Technology Solutions (OTCM: AITX) stock price started 2023 well after it plunged to an all-time low of $0.0054. The shares jumped to a year-to-date high of $0.012, which was ~126% above the lowest point in 2022. They were trading at $0.0088 on Monday.

AI stocks rise

AITX stock price has jumped for two main reasons in 2023. First, it has jumped because of the ongoing inflows in companies and cryptocurrencies with an AI component. Stocks like Microsoft and have risen sharply after the successful rollout of ChatGPT.

Historically, investors and retail traders tend to follow the crowd. For example, we saw them invest in all companies in the EV space following the strong performance of Tesla. Similarly, the growth of SAAS saw investors allocate funds in companies like Slack, Adobe, Dropbox, and Box among others.

Further, in 2021, we saw all cryptocurrencies rally as the price of Bitcoin surged. In most periods, such thematic rallies end in tears, as we saw with the metaverse, dot com bubble, and EV stocks.

Therefore, since AITX full name starts with Artificial Intelligence, traders rushed to it despite its fundamentals.

Second, AITX stock price rose because of the strong forward guidance issued by the company. In a statement, the company said that its revenue jumped by 50% on a YoY basis in the third quarter. Revenue rose from $267k to $402k, helped by a single client. Its margin also expanded from 50% to 57%.

AITX expects its revenue for the fiscal year 2024 to bring about $800k of monthly recurring revenue by February 2024.

Still, AITX is investing in its growth, which led to a significant increase in losses. Operating expenses was $3.09 million. In a statement, its CEO, Steve Reinharz said:

“The technology that we’ve developed, that we’re building upon, and that we own, is transforming how legacy security is utilized, paid for, and how it delivers value to its users. I thank everyone for their hard work in bringing the Company to this point.”

AITX stock price forecast

AITX stock price
AITX stock chart by TradingView

In this December report, I warned that the AITX share price would continue falling in 2022. This view has not worked out as the stock more than doubled. It doubled after forming a double-bottom pattern at ~0.0060. It moved above the 25-day and 50-day moving averages. The shares are now at the important level on May 12 last year.

Therefore, the outlook of the AITX stock price is still bearish, with the next key support level to watch being at $0.0076. A drop below that support level will bring the possibility of it dropping to the key level at $0.007.

The post 2 reasons why the AITX stock price has surged in 2023 appeared first on Invezz.

You May Also Like


Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...


Mimiq, Inc is announcing today the launch of their new product, Mimiq Track, at CES as part of their latest product line to operate...


On this week’s edition of Stock Talk with Joe Rabil, Joe looks at the longer-term picture for stocks like AAPL, TSLA, and more. He...

Latest News

Kevin McCarthy’s difficult road to becoming House speaker ended early Saturday morning after Republicans appeared to have miscounted the number of votes they needed...

Disclaimer:, 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 © 2023