![]() Even so, there’s probably at least one foolish trader laughing all the way to the bank. Its Yahoo! Finance profile page clearly says that it doesn’t have “significant operations,” though it was in the business of distributing wireless communications products in the US at one point of time.īut that didn’t stop investors, who were either very smart or – more likely – very stupid, from buying loads of ZOOM stock. ![]() The company is based out of Beijing, China. MarketWatch reports that ZOOM Technologies hasn’t reported revenue for the past eight years. The IPO was priced at $36 a share and the stock closed its first day as a public company at $62 per share.īut ZOOM Technologies’ rally was awesome on an entirely different level as the company hardly does any business and was reportedly looking to delist from its OTC platform. That’s much higher than what an investor in the Zoom IPO would have made. ZOOM Technologies was a lucky doppelganger. This means that an investment of $1,000 in ZOOM Technologies at $0.005 a pop would have been worth nearly $550,000 on Thursday. ![]() They closed at $2.70 a share on April 18, a massive jump of 53,900% as the euphoria from the Zoom IPO spilled over into the penny stock. You Wish You’d Invested in the Wrong Zoom StockĪ month ago, shares of ZOOM Technologies (whose ticker is “ZOOM”) were trading at $0.005 – far less than even their “penny stock” designation. But investors in a different company called ZOOM Technologies raked in much more moolah in what seems like a classic case of mistaken identity. By CCN.com: The Zoom IPO was a resounding success, as the videoconferencing giant’s stock soared 72% after its stock market debut.
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