MICT Inc (NASDAQ: MICT) stock is headed for the top yet again today, and the gains are likely far from over. The catalyst pushing the stock for the top this morning was announced after-hours yesterday, when the company said it was added to a popular United States index.
Here’s what’s going on, and why MICT is likely gearing up for a big run ahead.
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MICT Added To AN MSCI Index
In the press release, MICT said that it was added to the MSCI USA Micro Cap Index effective at the close of market yesterday. The company went on to explain that the index is used to measure performance of the microcap segment in the United States equity market.
In a statement, Darren Mercer, CEO at MICT, had the following to offer:
Our addition to the MSCI Index enhances the Company’s reputation amongst institutional investors. The Index is widely recognized as a benchmark for global institutional investors to optimize their investment portfolios. MSCI’s selection of MICT, following a detailed screening process, is a credit to what we have achieved in a short space of time, since transitioning into the fintech sector in September 2020.
This Is Huge News
The news issued late yesterday is overwhelmingly positive. Think about it, any index fund, ETF, or mutual fund that invests in the MSCI USA Micro Cap Index will now need to purchase MICT stock in order to keep their portfolios in balance.
As a result,…
