Smith Micro Software Stock Price Soars 232%
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Shares in Smith Micro Software Inc. rocketed 232% to its 52-week high Thursday, but executives at the Aliso Viejo company said they could not explain the stock’s move.
The price rose $4.06 a share to close at $5.81 in Nasdaq trading that far outpaced anything the company has seen lately. About 9.4 million shares traded hands, compared with the stock’s average volume of 94,000 over the past 12 months. The company’s stock continued to rise in after-hours trading.
“We have no news out today,” said company spokesman Bruce Quigley. “We have no specific ideas about what caused today’s movement.”
The company has focused on fax and communications software in the past. But since acquiring Pacific Coast Software, a supplier of Internet commerce software, the company has been breaking into the business-to-business Internet software space.
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