Gorilla Tech Stock On Retail’s Radar As CEO Touts Massive Market Opportunity For This AI-Driven Industrial IoT Play
By Stocktwits Inc | First Published Dec 16, 2024, 1:33 PM ISTGorilla Tech CEO Jay Chandan said the company is focusing on three pillars: revenue opportunities, market expansion, and transformative partnerships.
Shares of Gorilla Technology Group, Inc. ($GRRR) jumped over 15% on Friday, taking the year-to-date gains to about 65%.
Retail following for Gorilla Tech on Stocktwits has increased significantly this year, with message volume up over 2,000% over the past month.
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Gorilla is a U.K.-based company that specializes in artificial intelligence (AI)-driven Industrial Internet of Things (IIOT) solutions with a strong emphasis on security convergence, network defense, video analytics and big data analytics.
The company went public through the Special Purpose Acquisition Company route and its shares began trading on the Nasdaq on July 14, 2022. From the post-listing high of $510, the stock has come off notably and currently trades at single-digit levels.
Friday’s substantial upside came amid an announcement from RedChip Companies that Gorilla Tech will feature in RedChip Small Stocks, Big Money show, a sponsored program on Bloomberg TV, on Saturday, Dec. 14, 2024, at 7 p.m. ET.
Speaking at the event, CEO Jay Chandan said the company is focusing on three pillars: revenue opportunities, market expansion, and transformative partnerships. The company is delivering integrated, indispensable solutions, and revenue from these opportunities is recurring in nature, shoring up both top- and bottom-lines.
The executive also said Gorilla is focused on regions where investments are being made actively to build smart cities, especially in Southeast Asia, East Asia, Latin America and the U.S. and the Middle East and North Africa.
“These countries are investing very heavily into what we call the global smart cities market, particularly in what we call AI-driven cyber security, AI-driven analytics,” he said, adding that the company is looking at large-scale contracts and high-value projects.
Chandan quantified the end-market opportunity for the company as $155 billion for AI cybersecurity by 2030, and $7 billion for smart ports by 2028, $7 billion-$10 billion for smart airports by 2030, and over $1 trillion for smart cities by the same year.
A poll run by Stocktwits among its users showed that 61% of the respondents believe the $400 million contract announced by the company in late November will be the biggest driver of the stock price in the near term. About 18% and 12%, respectively, mentioned strong AI prospects and low float squeeze as drivers.
On Stocktwits, retail sentiment toward Gorilla Tech has tempered from ‘neutral’ a day ago to ‘bearish’ (43/100). Retail chatter about the stock has toned down to ‘low.’
A section of Stocktwits users anticipate a contract announcement ahead of the market opening on Monday.
However, one user called Gorilla Tech as the fattest bull trap and pointed to a strong resistance around $10.
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