An AI-Related Name Just Quadrupled: What's Going On With CXApp Stock?

CXApp Inc CXAI shares soared on abnormally-high volume in Thursday's regular session and remain volatile after hours. Here's what could be driving the action.

What To Know: CXApp is a spinoff of Inpixon INPX. The stock debuted on the Nasdaq last month following a merger with special purpose acquisition company KINS Technology Group Inc. 

It's a low-float name with a sub-$100 million valuation. According to Benzinga Pro data, the stock had a market cap of approximately $22.5 million before Thursday's outsized move. 

CXApp's average session volume since going public is approximately 878,000. Thursday's trading volume topped 160 million and remained elevated in extended trading. It appears to be seeing significant interest from retail traders across social media platforms. CXApp was the top trending ticker on Stocktwits at the last check. 

The CXApp platform offers a suite of technology workplace experience solutions, including an enterprise employee application, indoor mapping, on-device positioning, augmented reality technologies, and an AI-based analytics platform. 

See Also: Gary Vee Warns AI And ChatGPT Could Take Jobs, Why He Thinks That's Okay And How It's Similar To Tractors

CXAI Price Action: CXAI shares closed Thursday up 345.6% at $7.13. The stock was up another 3.78% after hours at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.