Cyngn Inc. [NASDAQ: CYN] gained 40.46% on the last trading session, reaching $5.52 price per share at the time. The company report on April 29, 2022 that Cyngn Announces Closing of $20 Million Private Placement Priced At-the-Market.
Cyngn (or the “Company”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today closed its previously announced private placement pursuant to a securities purchase agreement entered into on April 28, 2022 with certain institutional and accredited investors for aggregate gross proceeds of approximately $20 million, before deducting fees to the placement agent and other offering expenses payable by the Company.
In connection with the offering, the Company issued 6,451,613 units and pre-funded units at a purchase price of $3.10 per unit, priced at-the-market under Nasdaq rules. The pre-funded units were sold at the same price, less the pre-funded warrant exercise price of $0.001. Each unit and pre-funded unit consist of one share of common stock or common stock equivalent, and one non-tradable warrant exercisable for one share of common stock for $2.98 (for a total of 6,451,613 shares underlying the warrants). The warrant has a term equal to five years from the issuance date. No actual units were issued in the offering.
Cyngn Inc. represents 26.65 million in outstanding shares, while the company has a total market value of $106.48 million with the latest information. CYN stock price has been found in the range of $3.78 to $5.80.
If compared to the average trading volume of 6.97M shares, CYN reached a trading volume of 33738282 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Cyngn Inc. [CYN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CYN shares is $13.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CYN stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Aegis Capital have made an estimate for Cyngn Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 16, 2021.
The Average True Range (ATR) for Cyngn Inc. is set at 0.62 The Price to Book ratio for the last quarter was 6.65, with the Price to Cash per share for the same quarter was set at 1.14.
Trading performance analysis for CYN stock
Cyngn Inc. [CYN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 105.20. With this latest performance, CYN shares gained by 275.51% in over the last four-week period, additionally sinking by -34.98% over the last 6 months .
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CYN stock in for the last two-week period is set at 87.11, with the RSI for the last a single of trading hit 90.51, and the three-weeks RSI is set at 82.71 for Cyngn Inc. [CYN]. The present Moving Average for the last 50 days of trading for this stock 1.75, while it was recorded at 3.90 for the last single week of trading.
Cyngn Inc. [CYN]: A deeper dive into fundamental analysis
Cyngn Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 55.30 and a Current Ratio set at 55.30.
An analysis of insider ownership at Cyngn Inc. [CYN]
There are presently around $48 million, or 66.30% of CYN stock, in the hands of institutional investors. The top three institutional holders of CYN stocks are: AH EQUITY PARTNERS III, L.L.C. with ownership of 5,234,828, which is approximately New of the company’s market cap and around 1.90% of the total institutional ownership; REDPOINT MANAGEMENT, LLC, holding 2,463,851 shares of the stock with an approximate value of $13.6 million in CYN stocks shares; and QUALCOMM INC/DE, currently with $1.75 million in CYN stock with ownership of nearly New of the company’s market capitalization.
17 institutional holders increased their position in Cyngn Inc. [NASDAQ:CYN] by around 8,703,581 shares. Additionally, 0 investors decreased positions by around 0 shares, while 0 investors held positions by with 0 shares. The mentioned changes placed institutional holdings at 8,703,581 shares, according to the latest SEC report filing. CYN stock had 17 new institutional investments in for a total of 8,703,581 shares, while 0 institutional investors sold positions of 0 shares during the same period.