Weebit Nano share price rockets 7% today. Here’s why.

Rocket launching into spaceRocket launching into space

The Weebit Nano Ltd (ASX: WBT) share price is powering ahead during late Thursday afternoon trade.

At the time of writing, the Weebit Nano share price is up 6.86% to $2.65.

Let’s take a look at Weebit does and see why its shares defied the ASX market to lift off today.

What does Weebit Nano do?

Weebit Nano develops next generation computer memory technology.

The Israeli company addresses the growing need for data storage through its Resistive Random-Access-Memory (ReRAM) technology. Weebit states that ReRAM is over 1000 faster and uses 1000 times less power than traditional storage options like flash.

What’s driving Weebit shares higher?

Investors have been bidding the Weebit Nano share price higher today despite there being no news out of the semiconductor company.

However, it is worth noting that the company’s shares fell almost 10% over the last two consecutive days.

It appears that bargain hunters are swooping in to take advantage of the recent share price weakness.

The S&P/ASX All Technology (ASX: XTX) sector has been slammed since the beginning of this year, down 31%.

In contrast, the past two days alone has seen the tech index shed 3.09% following negative investor sentiment.

This is being blamed on inflationary movements, geopolitical tensions and concerns surrounding a global economic slowdown.

Even the word “recession” has been a hot talking point over the last week.

About the Weebit share price

The Weebit Nano share price has accelerated over the past 12 months, reflecting a gain of almost 40%.

The company’s shares reached a 52-week high of $4.48 in February after providing investors with its activities update for Q2 FY22.

Based on today’s price, Weebit has a market capitalisation of approximately $470.39 million.

The post Weebit Nano share price rockets 7% today. Here’s why. appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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