VERB - Verb Technology: why did this penny stock just surge?
2024-03-18 09:35:51 ET
Verb Technology (NASDAQ: VERB) stock price has gone through a strong short-squeeze in the past few days. It surged by more than 210% on Friday in a high-volume environment and continued these gains on Monday as it soared by 28%. This surge has brought the penny stock’s market cap to over $9.3 million.
Verb Technology has become one of the most traded stocks in Wall Street. Data by Yahoo Finance shows that its volume on Friday jumped to more than 544 million, a sharp increase from the previous day’s 714k. This volume continued on Monday as the momentum gained steam.
The company’s stock price surged hard after its shopping marketplace, known as Market.live announced an integration with Facebook and Instagram. This integration will see its users to seamlessly make purchases without leaving the ecosystem. The company believes that it can reach millions of people who use these platforms.
Verb stock price continued rising on Monday after the company added over 100 more retail brands to its platform. Some of these companies are Esselle, Rude Cosmetics, Made for Freedom, and Threaded Pair among others. In a statement, Rory Cutaia, the CEO said :
“We are continuing to gain momentum in the marketplace as we enter into exciting new partnerships and collaborations with market leaders, develop and deliver technological innovations, and refine our business model and service offerings.”
For starters, Verb Technology is an e-commerce company that is aiming to boost the shopping industry. Its merchants can live stream their products in key social media platforms like TikTok and Instagram. They can also use its website and its applications to broadcast these events.Verb Technology is a fairly small company. The most recent quarterly results showed that its revenue stood at just $29,000 while its net loss rose to over $3.7 million. It ended the last quarter with $918,000 in cash, down from $2.4 million in the same quarter in 2022.
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