Why has the Weebit (ASX:WBT) share price jumped 9% today?

Shares in the semiconductor player continue their extended run today

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The Weebit Nano Ltd (ASX: WBT) share price is rocketing today. Shares in the semiconductor player are up 8.76%, trading at $1.80 at the time of writing.

Let's take a look at the latest Weebit share price action.

What's happened today?

There have been no market sensitive announcements today that apply specifically to Weebit.

The share price has been a gainer following a key announcement on 25 June, where the company confirmed it had successfully demonstrated the integration of a selector with ReRAM, for the standalone memory market.

Since this event, shares have walked their way northwards by 12.6%, gaining as much as 20% the day after the announcement alone.

Regarding the milestone, Weebit CEO Coby Hanoch stated:

This achievement demonstrates our commitment to addressing the discrete memory market as part of our mid-term strategy. We see a broad range of opportunities for discrete ReRAM, from NOR flash to storage class memory, in a range of segments.

Given our 2024 target for a discrete solution, we anticipate that other opportunities will arise as well. We will continue to share our progress in meeting this mid-term goal, while we continue our near-term focus on the embedded memory module where we are making good progress.

Weebit share price snapshot

While the Weebit share price remains positive at the time of writing, the same can't be said for the company's trajectory year-to-date, with shares trading down 32.6% since January 1.

In contrast however, Weebit's shares have posted a 12-month positive return of 496.6% at the time of writing. For context, the S&P/ASX 200 Index (ASX: XJO) has posted a return of 22.81% over the previous 12 months.

At the current share price of $1.80, Weebit has a market capitalisation of $203 million, and is currently trading off its 52-week high of $4.27. The 52-week range for Weebit shares is a big one, from as low as 27.5 cents to $4.27.

The author Zach Bristow has no positions 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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