LUV - Why Is Cryptyde (TYDE) Stock Moving Today?
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Cryptyde (NASDAQ:TYDE) stock is on the move Thursday as investors react to the company’s revenue guidance for 2023.
Cryptyde is expecting revenue for the full year of 2023 to come in at $60 million. The company is predicting this much revenue due to the performance of its Forever 8 subsidiary in the fourth quarter of 2022.
Cryptyde made its revenue estimate after an internal review of its current client base. It’s also based on expected increases in new business. Also, the company claims that its guidance requires it to raise $3 million in additional capital this year.
Brian McFadden, CEO of Cryptyde, said the following about today’s revenue guidance.
“We are very excited about the potential for growth in the coming year. Our focus on identifying revenue-producing opportunities is beginning to show results and we believe that by continuing to execute on our strategy, we will be well-positioned for success in 2023 and beyond.”
How This Affects TYDE Stock
Today’s news brings with it heavy trading of TYDE stock. As of this writing, more than 91 million shares of the stock have changed hands. That’s a massive surge over its daily average trading volume of about 2.6 million shares.
TYDE stock started off strong with a 20% increase this morning. However, the company’s shares are currently down 1.1% as of this writing.
Investors can check out all of the latest stock market news from today below!
We’ve got all of that ready to go in one place! For Thursday, our stock coverage includes what’s going on with shares of Chevron (NYSE:CVX), MicroAlgo (NASDAQ:MLGO), and Southwest Airlines (NYSE:LUV) stock. Investors can catch up on all of that news at the following links!
More Thursday Stock Market News
- Why Is Chevron (CVX) Stock Up Today?
- Why Is MicroAlgo (NASDAQ:MLGO) Stock Up 110% Today?
- LUV Stock Alert: Southwest Reports $800 Million Loss During Holiday Mishap
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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