Shares of Zoom are in high demand on Thursday morning but there’s one problem: It appears to be a case of mistaken identity.
Rather, Zoom Technologies is a tiny Chinese wireless communications company that “does not have significant operations,” according to its profile on Yahoo. But within two hours of trading, shares of ZOOM surged more than 80%, with trading volume that was quadruple the amount of shares that change hands on the average day.
Zoom Technologies also has a market value of just $14 million and began 2019 trading at $0.01 a share. Hitting a high of $5.50 a share in midday trading, the stock is up more than 47,000% so far this year.
Shares of ZM had yet to begin trading. But Zoom Video Communications stock is in high demand, as Nasdaq indicated the stock is set to IPO at about $62 a share – nearly double the $36 a share the company priced at on Wednesday.