AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
.jpg)
Highlights
- SeaChange International’s stock jumped over 128% Monday, December 13.
- It will report its third-quarter fiscal 2022 results December 14, after the market close.
- The SEAC stock gained over 27% YTD.
The stocks of SeaChange International have gained attention from investors, a day after it was reported that a social video platform is in talks to go public through a merger with SeaChange International while citing a person familiar with the matter.
A deal transaction is expected to be announced as early as this week, the person said while requesting anonymity as the deal talks remain private. The social video platform Triller is expected to go public through the merger.
Also Read: Elon Musk lands Time magazine’s person of the year for 2021
Triller was last valued at around US$1.25 billion and this will take it over that. However, it is also possible that the deal could be canceled at the last minute.
A spokesman from Triller refused to say anything about the deal while regarding the news as "rumor and speculation". A representative from SeaChange also refused to comment on the matter.
SeaChange is a public supplier of video delivery software that specializes in video processing, media asset management, and other related services. It is based in Waltham, Massachusetts.
Also Read: Olympus (OHM) crypto rallies after falling for a week
Triller is a video-sharing and social networking services firm that enables its users to create and share short-form videos on its platform. It is based out of Los Angeles. It counts TikTok as its rival. The artificial technology of the firm allows its users to post short videos with music and filters.
The application has counted former US President Donald Trump among its verified users. In addition, it also has other popular individuals or celebrities like Justin Bieber and Alicia Keys, among its verified users. Triller has been downloaded about 250 million times, according to its website. Mr. Trump turned to Triller earlier this year, after his account got suspended from Twitter.
Also Read: Why is Harley-Davidson's (HOG) stock rallying?
Image Description: Why is SeaChange International’s stock rallying? SEAC jumps 128%
Also Read: Top 8 US vaccine stocks of 2021
Stock performance & highlights of SeaChange International, Inc. (NASDAQ:SEAC)
SEAC shares closed at US$1.72 on December 13, up 128.81% from its previous closing price. However, in the pre-market trading, it was down 20.93% to US$1.37 at 7:04 am ET on December 14.
The market capitalization of the firm is US$84.34 million. The SEAC stock saw a highest price of US$2.15 and lowest price of US$0.66 in the last 52 weeks. Its share volume on December 13 was 80,749,150.
Also Read: 5 US cybersecurity stocks to watch in 2022
The firm will report its financial results for the third quarter fiscal 2022 December 14, after the market close. Meanwhile, it reported a revenue of US$6.54 million in Q2, FY22, as compared to US$4.99 million in the same quarter of the previous year. Its net income was US$227,000, against a loss of US$5.76 million in the comparable quarter of the prior year.
Also Read: Why is EverGrow (EGC) crypto getting attention?
Bottom line:
The stock value of SEAC jumped 27.41% YTD. The whole communication sector is rising rapidly with the increasing pace of global digitalization, especially after the Covid-19 pandemic. The S&P 500 communication services sector rose 19.48% YTD.
