Cyngn Inc. (NASDAQ:CYN) shares are trading higher Tuesday after the company announced that it has been chosen to supply its DriveMod Tuggers for industrial automation to John Deere’s operation in Dubuque, Iowa.
The Details:
“We are thrilled to be working with Deere, a company that has a long history of producing cutting-edge technology that yields amazing products for its customers,” said Cyngn’s CEO, Lior Tal. “Our product offering achieves immense validation from being selected by a world-leading brand like Deere.”
Cyngn shares are moving on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 160 million shares have already been traded in the session, compared to the stock’s 100-day average of just over 10 million shares.
Cyngn develops and deploys scalable, differentiated AI-powered autonomous vehicles and data solutions based in Menlo Park, CA.
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How To Buy CYN Stock:
By now you’re likely curious about how to participate in the market for Cyngn – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Cyngn, which is trading at $0.23 as of publishing time, $100 would buy you 434.78 shares of stock.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to ‘go short’ a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
CYN Price Action: According to Benzinga Pro, Cyngyn shares are up 59% at 19 cents at the time of publication Tuesday.
Image: Pete Linforth from Pixabay
