Amidst this choppy session, investors can look for outperformers to play any kind of bullish momentum. One such engine that is attracting attention today is the privacy platform. Safe-T Group (NASDAQ:SFET). This morning, SFET stock jumped over 60% before stabilizing at gains of around 40%.
The move comes after the company announced that it had officially reached the 5 million downloads threshold. Android, Apple iOS and Windows users contributed to these impressive numbers.
The company noted that Safe-T has expanded its reach, seeking to expand its user base across all major app platforms. Indeed, these figures show that the company has made specific progress in terms of growth. Now the question is whether this growth will turn into net profits over time.
Still valued at around $14 million after this announcement, Safe-T is definitely a higher-risk, higher-potential choice. Let’s dive into the announcement and see what we can glean from the news.
SFET Stock Soars on Download Announcement
Safe-T’s global business model is closely tied to providing privacy and cybersecurity solutions to individuals and businesses around the world. The application of this company, mainly used on mobile phones but also by desktop users, uses encryption technology to ensure the security of personal data. In this era of cyber threats, it is clear that more and more users are catching on to the idea that these solutions are increasingly needed.
Personally, I think the cybersecurity space is one that investors should be looking at right now. Valuations are falling in this sector and there are plenty of large, mid and small cap options to choose from.
When it comes to the micro cap space, Safe-T has certainly come on the radar of many investors. Today’s move for SFET shares also makes sense, given the impressive growth profile this company has shown so far.
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As of the date of publication, Chris MacDonald did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.