Perfect (NYSE:PERF) stock is taking off on Monday as investors pump shares higher on their first day of trading.
Perfect and Provident Acquisition only recently completed their special purpose acquisition company (SPAC) merger with PERF shares making their public debut today. Shares trade on the New York Stock Exchange under the “PERF” ticker with warrants trading under the “PERF WS” ticker.
PERF stock is already seeing a fair bit of activity today with some 550,000 shares on the move as of this writing. That’s not too surprising as traders have seen volatility around companies going public in recent months.
What Does Perfect Do?
Perfect is a company that provides augmented reality, or AR, and artificial intelligence, or AI, Software-as-a-Service (SaaS) solutions to the beauty and fashion industries. This has it offering facial 3D modeling alongside AI deep learning technologies to customers.
This allows brands to offer their customers a variety of features when selecting goods. Among them are the ability to try on products digitally before purchasing them. It also helps brands create an omnichannel shopping experience.
Alice Chang, founder and CEO of Perfect, said the following about the company’s future plans.
“Leveraging our access to the global capital market, we plan to extend our industry coverage from beauty and fashion to tangential sectors, augment our innovative AR and AI SaaS solutions, and empower more enterprises around the world to deliver transformative virtual product try-on experiences to consumers.”
PERF stock is up 20.7% as of noon Monday.
There’s more stock market news for traders to dive into below!
InvestorPlace is home to all of the hottest stock market news investors need to know about on Monday! That includes what has shares of Actinium Pharmaceuticals (NYSEMKT:ATNM), Paramount Global (NASDAQ:PARA) and GameStop (NYSE:GME) stock moving today. You can read up on all of that news at the following links!
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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.