What’s Behind Paltalk’s (PALT) Big Upward Surge?

Paltalk

PALT

is a microcap company that operates a network of different consumer apps, creating a platform where users can meet, chat, see, broadcast, and message in real time. The company is known for owning patents on key audio + video streaming components, which have been licensed to major tech names like Microsoft

MSFT

, Sony

SNE

, and Activision Blizzard

ATVI

.

After being uplisted to the Nasdaq in August, shares have experienced wild swings. PALT closed today’s trading session up over 60% after gaining more than 90% earlier on Wednesday.

Its recent surge looks to be the result of social media pumping, and there’s even a subreddit dedicated to the stock called r/PALT. Members of the thread have been urging others to buy shares because of its Nasdaq listing and Wall Street’s lack of notice. They also see it as undervalued and are hyping it up.

However, analysts and market watchers have flagged this as another likely short squeeze event, so be prepared for more volatility when it comes to PALT.


Zacks’ Top Picks to Cash in on Artificial Intelligence

In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create “the world’s first trillionaires.” Zacks’ urgent special report reveals 3 AI picks investors need to know about today.


See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.

Click to get this free report


To read this article on Zacks.com click here.


Zacks Investment Research