Stock Market

Why Is Moving iMage Technologies (MITQ) Stock Up 60% Today?

Moving iMage Technologies (NYSEMKT:MITQ) stock is on the rise Wednesday after the cinema design and installation company received a new multi-million dollar contract.

According to a press release from the company, it has signed on to build a new Alamo Drafthouse project for the company’s new Georgetown. This is set to open for business this summer in Indianapolis, Ind.

Moving iMage Technologies notes that this new location will house a complete suite of its proprietary manufactured products. It will also feature 4K laser projection and full Q-sys AV distribution for clear visuals and audio.

Joe Delgado, executive vice president, sales and marketing at Moving iMage Technologies, said this about the contract.

“The Georgetown location in Indianapolis is another example of our strong partnership with Alamo, one of North America’s quickest-growing dine-in experience chains, and we’re excited to be a part of this new project. This state-of-the-art cinema is the 44th Alamo site equipped by MiT, promising an unparalleled cinematic experience for local audiences.”

MITQ Stock Movement on Wednesday

News of this deal brings with it heavy trading of MITQ shares as investors buy the stock. This has more than 52 million shares on the move as of this writing. That’s well above its daily average trading volume of about 73,000 shares.

MITQ stock is up 60.2% as of Wednesday morning.

There are plenty of other stock market stories for readers to sink their teeth into today!

Fortunately, we have all of that news ready to go with our market coverage on Wednesday! A few examples include what’s going on with shares of Archer Aviation (NYSE:ACHR), GameStop (NYSE:GME) and Nike (NYSE:NKE). All of this news is available below!

More Stock Market News for Wednesday

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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