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 (OTC: 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 (NASDAQ: TWTR), Facebook Inc (NASDAQ: FB) and Parler.

Last week, Tesla Inc (NASDAQ: 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