Moving iMage (NYSMKT:MITQ) stock is taking off on Friday as investors react to a new strategic partnership with SNDBX.
So what’s this mean for MITQ stock? The company and its shares are set to benefit from SNDBX holding eSports events at its theaters. This will bring in local gamers to compete on the 35-foot projector screens.
According to Moving iMage, this partnership is a win-win for both companies. It allows SNDBX to expand its area of operations while also providing an extra use for the spare auditorium space in MITQ theaters.
The details of this deal have SNDBX handling the staffing of the events at the theaters. That also includes drawing in local gamers to take part in events. However, MITQ will serve as the official technology systems integrator. This will have it set up carts that can be wheeled between auditoriums with everything the events need.
Rick Starr, CEO of SNDBX, said the following about the partnership.
“Our partnership with MiT gives theater owners the technology and integration confidence they deserve when entering into experiential e-Sports, and SNDBX provides all the marketing, staffing and operational support to win over the gamers in their communities.”
MITQ stock is seeing heavy trading on today’s news. As of this writing, more than 68 million shares have changed hands. For comparison, the company’s daily average trading volume is about 1.2 million shares.
MITQ stock is up 20% as of noon Friday.
There’s more stock market news to jump into below!
InvestorPlace has all the latest stock news traders need to know about today. Among that is Cathie Wood selling Tesla (NASDAQ:TSLA) stock, Vallon Pharmaceuticals (NASDAQ:VLON) rising higher, and Cleveland-Cliffs (NYSE:CLF) getting a boost. You can find all of these stories at the links below!
More Friday Stock Market News
- Cathie Wood Just Sold TSLA Stock. Here’s Why.
- Why Is Vallon Pharmaceuticals (VLON) Stock Up 90%+ Today?
- Why Is Cleveland-Cliffs (CLF) Stock Up Today?
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
