Zoom shares are very popular on Thursday morning, but there is one problem: it looks like this is a case of mistaken identity. [ticker ZOOM] Zoom Technologies [ticker ZOOM] is not the company Zoom Video Communications (Toker ZM), which began publicly trading on Nasdaq on Thursday
On the contrary, Zoom Technologies is a small wireless communications company in China that has "no significant operations," according to But within two hours of trading ZOOM's shares rose by more than 80%, with the volume of trading doubled by the value of the shares, changing their hands on average a day
Zoom Technologies also has a market value of just $ 14 million and started in 2019 at a price of $ 0.01 per share. Reaching the highest value of $ 5.50 per share in lunch trading, stocks rose by more than 47,000 percent so far this year.
ZM's shares had not yet begun trading. Shares of Zoom Video Communications, however, need a lot of demand, as the Nasdaq said the shares are subject to an IPO at a price of about $ 62 per share – almost double the $ 36 per share that the company appreciated on Wednesday.