Why Cerence Stock Gained Over 10% Last Month
Shares of Massachusetts-based Cerence (NASDAQ: CRNC) had a strong December, rising 10.8% according to data provided by S&P Global Market Intelligence. The maker of software for artificial intelligence and voice-based virtual assistants in automobiles announced some key contracts and attracted bullish commentary from a Wall Street analyst.
First, Cerence had two good wins last month. Fiat Chrysler Automobiles (NYSE: FCAU) selected it to provide a "conversational AI" for its upcoming electric Fiat 500. The 500 will be FCA's first fully electric vehicle, and sales will likely be modest -- but the deal could open the door to more significant business in the future.
Cerence will provide software for the voice-based virtual assistant in Fiat Chrysler's upcoming electric Fiat 500. Image source: Fiat Chrysler Automobiles.
Source Fool.com
