Elon Musk tweet sent this penny stock soaring, but company insiders didn't sell shares
Executives at the little-known Signal Advance (SIGL) based in Texas really, really need to believe in the future potential of the healthcare technology company.
The company's shares were up 1,500% at one point in 24 hours late last week. The insane move brought Signal Advance's market cap from $ 7 million to $ 100 million in that time. Note that the company was previously classified as a penny stock (below $ 5 per share). The wild step up follows a tweet from Tesla founder Elon Musk on January 7 about "Use Signal".
However, Musk was referring to the fact that people should be using the competing WhatsApp messaging platform, Signal. This signal is not a public company. And Signal Advance was clearly not an issue for Musk.
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Despite the likely increase in life, Signal Advance insiders appear to have not sold any stocks.
"Neither the company nor any director / officer of Signal Advance, Inc. sold any shares during the stock price surge January 7-12, 2021," a spokesman told Yahoo Finance on Wednesday via email.
A bit of a strange approach, perhaps. Signal Advance stocks are down 880% from their speculative high on Jan. 11. The stock fell nearly 20% on Wednesday alone.
Still, Signal Advance executives seem to appreciate the attention.
"DR. Chris M. Hymel, the company's CEO, congratulates the SIGNAL app developers on their success," said a statement sent to Yahoo Finance. "SIGL has no connection with 'Signal', the entity or Platform that Mr. Musk is referring to. The companies have no relationship with each other and, to the best of our knowledge, Mr. Musk is not a SIGL shareholder. "
Brian Sozzi is an editor and presenter at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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