Cyngn stock is down about 96% year-to-date, grossly underperforming the broader market.
Shares of autonomous-vehicle (AV) technology company Cyngn, Inc. (CYN) rose over 0.50% in early premarket trading on Wednesday, suggesting they could witness follow-on buying after two consecutive sessions of gains.
The strong rally in Cyngn stock on Tuesday came after the company announced a commercial DriveMod Tugger deployment with PepsiCo’s (PEP) largest independent bottler in the U.S., G&J Pepsi. DriveMod is Cyngn’s autonomous vehicle technology that transforms industrial vehicles, such as forklifts and tuggers, into self-driving robots.
Following the news, retail trader buzz surged, overwhelming the Cyngn stream on Stocktwits with messages. The message volume change on the Cyngn stream spiked 11,500% over the 24 hours leading up to late Tuesday. On Stocktwits, retail sentiment improved to ‘extremely bullish’ (87/100) as of early Wednesday, from ‘bullish’ the day before.
A bullish user noted that the partnerships with Pepsi and Nvidia will provide Cyngn with cash for the next two years. In June, the company said its autonomous industrial vehicles, built on Nvidia Isaac and powered by DriveMod software, were currently operating in commercial environments to reduce labor costs, increase throughput, and improve safety.
Another user expected the stock to trade above $10 on Wednesday.
Cyngn stock is down about 96% year-to-date, grossly underperforming the broader market. According to Koyfin, the average price target for the stock is $12, suggesting roughly 110% upside from current levels. Cyngn stock has traded in a 52-week range of $3.62-$1,312.50.
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