The Strategic Elements Ltd (ASX: SOR) share price is soaring 20% higher in today’s trading session.
At the time of writing, shares in the company are trading at their intra-day high of 33 cents.
Let’s take a closer look at what’s behind the movement.
What’s fueling the Strategic Elements share price?
The Strategic Elements share price is strongly in the green today on strong volume.
However, the company hasn’t released any price-sensitive news that could explain today’s bullish price action.
In fact, the last time Strategic Elements made headlines was in early July.
The company notified investors that its subsidiary Stealth Technologies was in the process of designing and delivering an autonomous drone-carrying vehicle.
In late July, Strategic Elements further notified shareholders that its subsidiary had accomplished several key development milestones.
In particular, the company highlighted improvements in the hardware and software of its sophisticated weed detection technology. Weed infestation continues to be a significant issue affecting global crop yields.
Also at the end of July, Strategic Elements released an update for the fourth quarter of FY21, noting the company held $7.9 million in cash.
More on the Strategic Elements
Strategic Elements is listed as a Pooled Development Fund (PDF).
Essentially, the company invests in various small and medium-sized businesses, assisting in their development and expansion.
The subsidiaries owned by Strategic Elements engage in various industries, including robotics, automation, defence, agriculture, security and transport.
The Strategic Elements share price started 2021 with a bang, bolting more than 350% higher by late January.
Investors flocked to buy shares in the company after Strategic Elements reported positive developments on its printable Nanocube Memory technology.
Since hitting lofty highs earlier this year, the company’s share price has been progressively sold down.
Including today’s bullish price action, shares in Strategic Elements are trading 66% higher year-to-date.
The post Strategic Elements (ASX:SOR) share price rockets 20% higher appeared first on The Motley Fool Australia.
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Motley Fool contributor Nikhil Gangaram 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 Bruce Jackson.
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