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

Weebit shares are heading north despite the broader ASX being in the red today.

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Key points

  • Weebit shares up 6.86% to $2.65 
  • The company hasn't released any price-sensitive announcements today, but bargain hunters appear to be taking advantage of the recent share price weakness 
  • Weebit shares have fallen almost 10% over the last two trading days 

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 what 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 times 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 have 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.

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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