Integrated Media Technology’s stock rockets over 1,000% on heavy volume

Shares of Integrated Media Technology Ltd. rocketed nearly 1,000% Wednesday, on no apparent news, with the newly hired public relations agency unavailable to offer any explanation.

The stock IMTE, +997.50% soared as much as 1,963% in intraday trade to a high of $41.26, before paring some gains to close up 997.5%. The stock closed at just $2.00 on Tuesday. Volume ballooned to 2.2 million shares, from a 30-day average of 471 shares through Tuesday, according to FactSet.

The stock had been halted temporarily for volatility 10 times throughout the day, on the way up and the way down.

With about 2.6 million shares outstanding, the stock’s rally pushed the company’s market capitalization up to about $58 million.

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