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How Come Recon Technology (RCON) Stock Is Rallying Again Today?

AZRX Stock

AZRX Stock

In the premarket session this morning, Recon Technology Ltd. (NASDAQ: RCON) stock is appreciating. The last check showed that the Recon Technology stock had increased by 3.38% from its previous close.

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Price of RCON stock rose by 18.98% on Monday during the regular trading session, closing the day at $8.59. The trading volume for Recon Technology stock on the day was 4.24 million shares, higher than its average volume of 2.04M shares. The surge in RCON stock came after news of the company moving its headquarters and the announcement of its annual general meeting early next month.

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What does RCON have in mind?

NASDAQ-listed Recon Technology is China’s first oil and gas field service company that’s not state-owned. In China, some of the leading oil exploration companies turn to Recon for their advanced automated technology, efficient equipment, and stimulation to boost oil extraction, reduce impurities, and cut production costs.

As the oil and gas field service industry has grown, RCON has gained leadership positions in several segments. Moreover, RCON has developed stable long-term cooperation relationships with their largest clients, and their products and services are well received by them.

Recon Technology yesterday announced its plan to relocate its headquarters in order for them to accommodate the anticipated growth.

How will relocation impact RCON?

With more employees working out of this new office, Recon Technology (RCON) will be able to better serve its customers since they will have more resources at their disposal. In addition, it sets the framework for RCON to become more sustainable.

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