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What's Behind Paltalk's (PALT) Big Upward Surge?
Paltalk (PALT - Free Report) 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 - Free Report) , Sony , and Activision Blizzard .
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.