Another case of mistaken identity caused penny stocks to skyrocket in the last trading sessions.
What happened: Signal Advance (OTC: SIGL) saw a jump in its stock price on Monday as traders and algorithms are confusing the company with an app.
Signal, a private messaging service, has seen a large number of new downloads after attacks on Twitter Inc (NASDAQ: TWTR), Facebook Inc (NASDAQ: FB) and Parler.
Last week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk told his Twitter followers to “use the sign” and mentioned that he donated to Signal a year ago and will donate more in the future.
WhatsApp has announced that it will no longer allow users to choose to share data with the main Facebook. Signal was co-founded by WhatsApp co-founder Brian Action.
SIGL Price Action: Signal’s shares rose 438% on Monday to $ 38.70. The stock was under $ 1 until last Thursday.
Related link: Shares of cents in the music industry reach 874% in case of identity error
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