One of the fastest-moving stocks today is Helbiz (NASDAQ:HLBZ). Indeed, today’s price action in HLBZ stock has been incredible to see, with shares of this micro-mobility company skyrocketing more than 140% at the time of writing.
This is yet another de-SPAC company that recently closed its merger on Aug. 13. Since then, shares went from the $10 IPO price level to the $6 per share level. However, today’s price action has driven shares of HLBZ stock to more than $25 per share, representing a 4-bagger from lows seen just a few weeks ago.
Post-SPAC merger volatility has certainly been the norm of late. However, for Helbiz and its de-SPAC peers, most of this volatility has been to the downside. Let’s dive into what is driving HLBZ stock higher today.
HLBZ Stock Surging on Media Rights Deal
Most folks know of Helbiz as a global leader in the micro-mobility market. You know, scooters and other various forms of car-free transportation to get around big cities.
However, Helbiz is also a company looking to make waves in the streaming and entertainment space. Via its subsidiary Helbiz Media, the company has announced today a key partnership that could spur a tremendous amount of growth from here.
This partnership is between Helbiz Media and FOX Networks Group to broadcast the Italian Series B championship in the U.S. and Caribbean. Perhaps a smaller deal relative to the rest of the streaming space, this three-year contract could provide Helbiz with some nice momentum in a niche market for sports streaming.
For now, it appears investors like the way Helbiz’s management team is positioning the company. Whether or not this valuation can be maintained remains to be seen. However, today’s impressive upward spike in HLBZ stock is certainly worth watching.
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.