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However, similar to many other meme stocks, it plunged significantly since hitting its high and is highly volatile. The stock has lost 54.3% since hitting its 52-week high and 22% over the past month to close yesterday’s trading session at $12.99. IRNT is still in its early stages of development and faces intense competition from other top players in the cybersecurity industry. In addition, its top-line declined in the fiscal second quarter, and its losses widened. So, its near-term prospects look bleak.
Here’s what could shape IRNT’s performance in the near term:
