Shares in the developer of technology used to conduct live voice chat over the Internet closed today at 24, up 5.31. HearMe shares have more than doubled since their November 5 close of 10.
Analysts attributed the steep rise to two recent events. The company, formerly called Mpath Interactive, was featured in a Fortune magazine article last Monday. Two days later, MTV announced it would use HearMe's technology to allow Web visitors to participate in online Karaoke competitions.
Paul Matteucci, HearMe's chief executive, said the company does not comment on its stock performance. He noted, however, that the MTV arrangement is a significant deal for the Mountain View, Calif.-based company.
"MTV is obviously a major consumer brand, and we're happy they chose us for their technology," Matteucci said. "We're also happy because it's a validation of the technology and the platform."
One analyst said investors are tuning in to HearMe's potential.
"Some investors are finally looking at them and seeing a company that's undervalued," said Matt Finick, an analyst for Thomas Weisel Partners.
HearMe also is expanding into the business-to-business arena, where its chat technology can be used to handle such tasks as providing customer support, Finick added.
"They're well-positioned to run forward," he said.