4DS Memory (ASX:4DS) share price up 7% on Thursday

The 4DS Memory share price is rocketting today.

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The 4DS Memory Ltd (ASX: 4DS) share price is in the green today despite no news having been released by the company.

In fact, the market hasn’t heard news from 4DS Memory this week. The last time the company released an update was last Thursday when it announced its earnings for financial year 2021.

Right now, the 4DS Memory share price is 15 cents, 7.14% higher than it was at yesterday’s close.

Let’s take a look at what might be boosting the memory technology developers shares today.

What’s driving 4DS on the ASX?

The 4DS Memory share price is in the green on the ASX today.

While the company hasn’t announced any news, many of its S&P/ASX All Technology Index (ASX: XTX) peers are also having a great day’s trade. The index has gained 0.6% on Thursday.

4DS Memory’s stock is the index’s third best performer today. Though, it has been bested by the share prices of Bill Identity Ltd (ASX: BID) and Silex Systems Ltd (ASX: SLX). They’ve gained 12.6% and 12.4% respectively.

4DS Memory’s stock could also be recovering from a brutal fall it took this week.

Between 4DS Memory releasing its financial year results and yesterday’s close, the company’s share price slid 17%.

Additionally, the company’s stock crashed 18% on the back of a technical update posted on 17 August.

The two major drops have meant 4DS Memory’s stock is still 31% lower than it was this time last month.

4DS Memory share price snapshot

The 4DS Memory share price has suffered through a disastrous month.

It is now only 7% higher than it was at the start of 2021. Luckily, it has still gained 200% since this time last year.

At its current share price, the company has a market capitalisation of around $198 million, with approximately 1.3 billion shares outstanding.

Should you invest $1,000 in 4DS Memory right now?

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Motley Fool contributor Brooke Cooper 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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