Katapult (NASDAQ:KPLT) stock is taking off on Monday and it’s got nothing to do with any news from the company.
Instead, it looks like KPLT stock is running higher thanks to news from Affirm (NASDAQ:AFRM). The company recently announced a partnership with Amazon (NASDAQ:AMZN) that integrates its payment service into the e-commerce platform.
So why does this matter to KPLT stock? Affirm and Katapult are both companies in the market for letting customers buy products and pay for them later. Basically, they’re alternatives to credit cards.
Affirm testing out its monthly payments system with select Amazon customers means there’s hope for Katapult to ink a similar deal. That could see it sign-on with e-commerce companies that want a similar offering on their own platforms.
It’s also worth pointing out that KPLT stock took a massive beating early this month. That came alongside the release of its earnings report for the second quarter of 2021. A massive sell-off saw the price of KPLT drop from $9.73 per share to $4.26 per share.
Katapult has been struggling to recover since then with no positive news pushing its shares higher. However, the news of AFRM’s deal today looks to be just the catalyst it needs to kick off a rally for KPLT stock.
KPLT is rider higher with heavy trading of its shares today. As of this writing, more than 57 million shares of the stock have changed hands. That’s an impressive increase over its daily average trading volume of about 2 million shares.
KPLT stock was up 32.6% as of Monday afternoon.
Investors looking for more stock stories will want to keep reading!
We’ve got all the latest stock market coverage that traders need to know about today. A few examples include what has shares of Globalstar (NYSEAMERICAN:GSAT), Root Inc. (NASDAQ:ROOT), and Aterian (NASDAQ:ATER) on the rise today. You can learn all about that at the links below!
More Monday Stock Market News
- Globalstar Apple Rumors: The iPhone 13 Chatter That Has GSAT Stock Skyrocketing Today
- ROOT Stock: Why r/WallStreetBets Is Betting on a Big Squeeze for Root
- ATER Stock: 5 Things to Know About Short-Squeeze Target Aterian as Shares Fly
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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