US company's stock price booms by more than 1000 per cent in case of mistaken identity
US investors have seemingly made the wrong stock surge by more than 1000 per cent due to a similarity in the company's "ticker" code.
Earlier this week a US tech company called Luminar Technologies went public on the NASDAQ, quickly earning its 25-year-old founder billions.
Luminar Technologies makes software for self-driving cars, and trades under the code LAZR.
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Luminar Media Group experienced a share price explosion seemingly out of nowhere. Google Finance
But a funny thing also happened soon after Luminar went public: a near-unknown media group called Luminar Media Group also experienced a boom in value.
It trades with the different-enough ticker code of LRGR, but some speculate the boom in value came in sharing its name with Luminar Tech.
In one day LRGR's stock price shot up from $0.10 US cents to as high as $1.19 USD.
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Luminar Media Group's web page. Nine
It has since settled to a very respectable $0.76 US cents, up 874.36 per cent.
Only time will tell whether it was a case of mistaken identity – or knowledge of an impressive new project by Luminar Media Group.
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