Today, amid a sea of red, Alfi (NASDAQ:ALF) is seeing a lot of green. Indeed, shares of ALF stock are currently up approximately 18% at the time of writing. This move comes on very heavy volume, the majority of which appears to be buying pressure.
As one of the intriguing growth stories of recent months, Alfi has started to make a name for itself. A company that calls itself an artificial intelligence (AI) enterprise Software-as-a-Service (SaaS) platform player, Alfi has shown strong growth in transforming the digital marketing space. Via various partnerships with Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT), Alfi has been able to grow its digital presence by utilizing partnerships in an intriguing way. In doing so, the company hopes to create recurring revenue streams that are beneficial for all parties involved.
Thus far, ALF stock has been an outperformer of late. Since the company’s initial public offering (IPO) in early May, shares have been a near triple-up for early investors. Those banking on the growth of digital marketing seem to like what Alfi has to offer. Additionally, this is a stock with tremendous momentum right now.
That said, let’s take a look at what specific catalyst is behind today’s rapid increase in ALF stock.
ALF Stock Higher on Yet Another Partnership
Today, Alfi is seeing increased interest following an announced partnership with Vistar Media. This partnership aims to enable advertisers to access Alfi’s impactful inventory. By doing so, it’s expected that more complex and targeted ad campaigns can be launched across various delivery media.
Sounds good to me.
Vistar’s supply-side platform is one that seems to be a good fit for Alfi’s existing product. The partnership will allow advertisers to purchase inventory in a more seamless manner. This deal also provides for more sophisticated ad planning for customers, along with buying and reporting functionality. Such features appear to be a great fit for Alfi’s existing business model. And today, investors are banking on this partnership further propelling ALF stock higher.
On the date of publication, Chris MacDonald 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.