Paltalk Inc PALT is surging on abnormally high volume Wednesday as retail traders circulate the low-float stock.
The average session volume is about 692,000 over a 100-day period. Wednesday's daily trading volume had already exceeded 125 million at publication time.
Paltalk's float is only about 4.55 million shares, according to data from Benzinga Pro.
Paltalk is trending across social media platforms. It was the top trending stock on Stocktwits at publication time.
In other news, Paltalk announced Wednesday that it has retained strategic advisory firm ClearThink Capital to develop and deploy a comprehensive investor outreach and communications program.
“We believe we are now ready to enter the next growth phase of our business, as we successfully achieved our Nasdaq listing, and have a strong balance sheet with $6.5 million cash and no long-term debt as of June 30, 2021 and subsequently raised approximately an additional $3.5 million in connection with our recent underwritten public offering,” said Jason Katz, chairman and CEO of Paltalk.
Paltalk is a communications software innovator. It operates a network of consumer applications where users can meet, see, chat, broadcast and message in real-time in a secure environment with others in the network.
PALT Price Action: Paltalk is making new 52-week highs in trading today. It was halted for volatility three times during Wednesday's session.
The stock was up 69.50% at $8.87 at time of publication.
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