Net Element Inc. (NASDAQ: NETE) saw its shares surge Wednesday morning in the first hour of trading. The company announced that it will integrate the recently announced Apple Inc. (NASDAQ: AAPL) mobile pay system into its point-of-sale payment acceptance hardware and software.
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Net Element is a global technology-driven group that works in mobile payments and value-added transactional services. Apple’s initial announcement of a mobile wallet plays into Net Element’s field of expertise and ultimately has helped to drive the stock up around 150% to a high not seen since the beginning of 2014.
Oleg Firer, CEO of Net Element, said:
With Apple Pay, an expected 60 million iPhone 6 and iPhone 6 Plus users will be ready to tap and pay anywhere contactless payments are accepted. As part of our strategy to best capitalize on this massive opportunity and continue leading the mobile payment industry, we will be offering a free NFC Contactless, EMV-enabled point-of-sale terminal to merchants that upgrade to our Unified Payments service offering.
Last week Net Element responded to similar news from Apple’s initial announcement, shares rose as high as $4.75, which was up 186% from the low of $1.66 on the previous day.
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In just the first hour of trading, Net element increased to $3.65, about 40% up from the previous close of $2.60. Shares have normally traded with an average volume of roughly 1 million, but we have seen more than 16 million shares trade hands for well above a 10-times normal volume spike.
The company does not have a consensus price target, but it has a 52-week trading range of $0.88 to $5.90. Net Element’s market cap is just over $130 million.
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