Why StoneMor Stock Skyrocketed Today
Shares of funeral services company StoneMor (NYSE: STON) skyrocketed by an eye-popping amount on Monday morning. At one point, the stock was up 97% and had been halted due to heavy trading volume. However, as of 11 a.m. EDT, StoneMor stock was "only" up 39% for the session. But that's still quite a jump for the otherwise sleepy stock.
There wasn't any news released from StoneMor today. However, the company was cited in the Global Digital Funeral Services Market Study 2019 by HTF Market Intelligence. This report predicts substantial growth in the digital funeral space through 2026 and named StoneMor (among others) as a beneficiary of the trend. And this report was referenced today by a website called Cabell Standard.
While the link seems weak to me, I have to acknowledge that the article from Cabell Standard coincides with the spike in StoneMor stock. So there may be something there. Perhaps investors stumbled upon the study and excitedly purchased shares of StoneMor.
Source Fool.com
