Safe-T Group (SFET) Stock Surges 60% on 5 Million Downloads Milestone
Amid this choppy session, investors may be looking for outperformers to play any sort of upside momentum. One such mover gaining attention today is privacy platform Safe-T Group (NASDAQ:SFET). This morning, SFET stock surged more than 60% before settling down to gains of approximately 40%.
This move comes after the company announced that it had officially reached the 5 million download threshold. Users from across Android, Apple iOS and Windows contributed to these impressive numbers.
The company noted that Safe-T has been expanding its reach, looking to broaden its user base across all leading application platforms. Indeed, these numbers show the company has made specific progress in terms of growth. Now, the question is whether this growth will turn into bottom-line earnings over time.
Still valued at roughly $14 million following this announcement, Safe-T is certainly a higher-risk, higher-upside pick. Let’s dive into the announcement and see what we can garner from the news.
SFET Stock Soars on Download Announcement
Safe-T’s overall business model is tied closely to providing privacy and cybersecurity solutions to individuals and businesses around the world. This company’s application, mostly used on mobile phones but also by desktop users, uses encryption technology to provide security for personal data. In this age of cybersecurity threats, it’s clear more users are grasping onto the idea that these solutions are increasingly necessary.
Personally, I think the cybersecurity space is one investors should be looking at right now. Valuations are down across this sector and there are plenty of large-, medium- and small-cap options to choose from.
When it comes to the micro-cap space, Safe-T has certainly come onto the radar for many investors. Today’s move for SFET stock also makes sense, given the impressive growth profile this company has shown thus far.
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On the date of publication, Chris MacDonald did not hold (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.