Socket Mobile (SCKT) Stock Rockets On Product Launch

Socket Mobile, Inc. (NASDAQ: SCKT) is rocketing in the market this morning, trading on gains that are better stated in multiples than in percentages. The gains come after the company announced a product launch. Here’s what’s going on:

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SCKT Stock Rockets On Product Launch

In the press release, Socket Mobile announced the launch of a new product. The company announced what it calls, “its newest member ofthe scanning sled family,” DuraSled. The DuraSled product was designed for use with the XCover Pro. 

In the release, SCKT said that the XCover Pro DuraSled comes in two versions. The first, DS800 XCover Pro was designed for 1D barcode scanning. The second, DS840 XCover Pro was designed for 1D and 2D barcode scanning. 

The company said that there is a growing demand for durable, single-handed solutions that combine the XCover Pro phone and an attachable scanner. In particular, DuraSled products protect phones from tumbling while providing a robust charging solution in all environments. 

This DuraSled is an ideal solution for delivery services, stock counting, ticketing, and several other application-drive mobile solutions. 

In a statement, Vanessa Lindsay, Senior Product Manager at SCKT, had the following to offer:

The XCover Pro is the ideal unit to help companies deal with the challenges of today’s fast-moving world, providing both durability and long-cycle longevity. For many applications, you also need professional-grade scanning solutions, which is why the DuraSled for XCover Pro is the ideal product to deploy your mobile solutions. This powerful combination will provide customers with a winning solution and deliver a real return on investment.

This News Is Huge

The news released today is overwhelmingly positive. Of course, a new product release from Socket Mobile means that it now has yet another stream of revenue, which is always exciting. 

However, this alone isn’t enough to generate the gains in multiples that we’re seeing today. At the end of the day, the strong movement was started with the news and picked up momentum as shorts started to abandon their positions in what has become a short squeeze

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