Shares of a tiny music recording industry penny stock rocketed higher Thursday in a case of stock mistaken identity.

What Happened: Shares of Luminar Media Group Inc (OTC:LRGR) rocketed higher as traders appeared to confuse the company with Luminar Technologies (NASDAQ:LAZR).

Luminar Technologies is a former SPAC that completed its deal and started trading Thursday under the new name and symbol LAZR. It appears investors and bots got confused while trying to find Luminar shares.

Luminar Technologies is in the autonomous vehicle space.

Why It’s Important: This isn’t the first time mistaken identity has happened in the public market. In 2019, Auris Medical Holding (NASDAQ:EARS) shares traded up 30% on news Johnson & Johnson was acquiring Auris Health.

Oculus VisionTech (OTC:OVTZ) traded over 100% higher on news Facebook Inc (NASDAQ:FB) was acquiring privately-held Oculus VR in 2014.

It's important for investors to pay attention to the news and what companies they are buying. Shares in these cases of mistaken identities often come crashing back down once people realize the mistake made.

Penny Stock Price Action: Shares of Luminar Media traded as high as $3.50 Thursday, before settling at $0.76 at market close. On the day, shares ended up 874% at close.

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