Paltalk shares soar with no clear news catalyst

Intelligent Protection Management

29/09/2021 17:34

** Shares in communicatinos software company Paltalk Inc
 PALT.O  up 166.2% at $13.95 after rising as high as $14.28 with
the stock in focus on social media but no news announcements
from the company
    ** So far 85,425,690 shares changed hands in the session vs
a free float of 3.82 mln shares and 8.24 million shares
outstanding, according to Refinitiv; 50-day avg volume is about
872,000 shares
    ** Volatility in PALT shares suddenly started to ramp up on 
Sept 24 when it rose 36% in a single session and about 4.76 mln
shares changed hands after trading virtually sideways prior to
that with barely any volume 
    ** In its quarterly update issued Aug 10 co reported https://investors.paltalk.com/news/paltalk-inc-reports-second-quarter-2021-financial-results-5283979
 Q2 net income of $822,000 up from $532,000 in the year-ago
quarter and revenue of $3.42 mln, up from $3.38 mln in Q2 2020  
    

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))