Chrysos Corporation: a rising star in mining tech and a CSIRO spin off worth watching

Chrysos Corp shares rose 6.5% on Tuesday on the ASX, closing at A$5.86, outperforming the ASX 200 which fell 0.2%.

The stock is down 27% year-to-date, but rallied on the back of Fed cut bets increasing. Positive sentiment from China's rising manufacturing activity also contributed to the gain.

Chrysos is covered by Shaw and Partners, Ord Minnett, and Bell Potter with a "BUY" recommendation.

While they aren't yet profitable, the company is starting to win significant deals and gain recognition, working with clients like Kirkland Lake Gold and Novo Resources. We really need to see deals hit their balance sheet. But I think that this stock in a few years could be in the ASX100. But let's see.

Trading volume was 60% above the 20-day average.

Historically, the stock has seen similar or greater gains four times in the past year, followed by a rise in the next trading session three times (averaging 2.5%) and a decline once (3.5%).

Technical indicators suggest the stock may be oversold.

Interestingly, insiders have reduced their position to 1.5%, butinstitutional investors like Regal and EC Pohl have been buying in, acquiring 1.8 and 2.4 million shares respectively.

Chrysos is due to release an update on July 25th, 2024, which could be a catalyst for further movement.

Four brokers recommend buying C79, while one recommends holding.

Define your investment strategy. Are you looking for a short-term gain or a long-term play on a growing, innovative company?

Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.