Patriot One Technologies Inc (OTCMKTS: PTOTF) has taken the market by storm as it continues to make a run for 52-week highs. A 50% plus spike in the first quarter attests to renewed investor interest on the company reiterating its growth prospects.
Investor sentiments in the stock have inched higher, ever since the company confirmed the acquisition of EhEye Inc. as it sought to strengthen its software business. The formation of a U.S based molecular threat detection joint venture also went a long way in fuelling the upward momentum.
The ranking of the stock as the best performing technology stock on the 2019 TSX-Venture has also gone a long way in strengthening investor’s confidence in the company. The stock has since resorted to trading in a steep uptrend on the confirmation it is poised to graduate to TSX.
In the recent past, the company has moved to strengthen its threat detection segment by entering into a strategic partnership with defense contractor Raytheon Canada Limited.
After experiencing a minor correction from this year highs of $2.10, the stock has once again started surging in continuation of the long-term uptrend. The emerging uptrend faces resistance at the $2.10 mark, a breach of which will open the door for the stock to continue powering high.
On the downside, immediate support is seen at the $1.70 level. A violation of the support level could result in the acceleration of the sell-off wave resulting in the stock plunging to the $1.40 mark, the next substantial support level.
What Does Patriot One Technologies Do?
Patriot One Technologies is a technology company engaged in the research and development of systems for detecting concealed weapons using radar technologies. Its flagship product is PATSACAN CMR, a radar concealed weapons detection system that seeks to combat active shooter threats before they occur.
Why is Patriot One Technologies Surging?
Shares of Patriot One Technologies have continued to edge higher as investors react to a string of positive developments that underscore the company’s long-term prospects. It all started with the company strengthening its video recognition software segment with the acquisition of EhEye Inc.
A formation of a molecular joint venture with Nano-Bio Detection Systems should go a long way in accelerating Patriot One Technologies plans to come up with new detection systems. The Joint venture is to work on the development and commercialization of applications for defense, security and prohibited substance detection.
“This joint venture is an exciting undertaking. Our company has been searching for and evaluating innovations in threat detection for inclusion in our multi-sensor PATSCAN platform and this chemical threat detection technology is truly game-changing. I have no doubt that it will save lives both on the battlefield and in our cities,” said Martin Cronin, President, and CEO of Patriot One.
Patriot One Technologies has since followed the Joint Venture development with the inking of a strategic partnership with defense contractor Raytheon Canada Limited. The two are to work together to enhance developmental innovation of the company’s threat detection technology and product Pipeline.
Under the terms of the agreement, Raytheon Canada Limited has agreed to fund Patriot One Technologies with C$3 million in non-dilutive cash financing for the development of PATSCAN CMR.
“We are thrilled to announce this strategic partnership. This financial support definitely signals the serious nature of our vision to create a world safer from acts of violence,” said Mr. Cronin.
Patriot One Technologies is firing on all cylinders as it continues to explore opportunities for growth. Expansion of its PATSCAN threat detection solution attests to a company focused on coming up with game-changing threat detection solutions.
The company has also carried out acquisitions as it seeks to accelerate organic growth in pursuit of new revenue streams and shareholder value. Mergers and joint venture have also come into play as the company continues to strengthen its empire on the development of threat detecting solutions
The year is slowly shaping up to be a stellar year as the company continues to position itself for robust growth. Investor sentiments have already inched higher, in response to recent developments that affirm growth metrics.
That said the stock looks set to continue climbing the ladder as it closes in on its 52-week highs.
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Disclosure: We have no position in PTOTF and have not been compensated for this article.