Penny Stock Signal Advance Surges Another 438% On Mistaken Identity Of Signal App

Another case of mistaken identity has sent a penny stock soaring over the last several trading sessions.

What Happened: Signal Advance SIGL saw a bump in its share price Monday as traders and algorithms are confusing the company with an app.

Signal, a private messaging service, has seen a large number of new downloads after crackdowns against Twitter Inc TWTR, Facebook Inc FB and Parler.

Last week, Tesla Inc TSLA CEO Elon Musk told his Twitter followers to "use signal" and mentioned he donated to Signal a year ago and will donate more in the future.

WhatsApp announced it will no longer allow users to opt out of data sharing with parent Facebook. Signal was co-founded by WhatsApp co-founder Brian Action.

SIGL Price Action: Shares of Signal were up 438% Monday to $38.70. Shares were under $1 until last Thursday.

Related Link: Music Industry Penny Stock Spikes 874% On Case Of Mistaken Identity