MoviePass owner Helios & Matheson's stock jumps again, after Verizon discloses large stake

Shares of MoviePass majority owner Helios & Matheson Analytics Inc. HMNY, +28.66%rallied 3.7% in premarket trade, to extend the previous session's surge, which followed Verizon Communications Inc.'s VZ, +1.54%disclosure of a large equity stake. The stock had rallied 6.3% on Friday, after Verizon disclosed in a filing with the Securities and Exchange Commission that it owned 5.

10 million Helios & Matheson shares, or 9.3% of the shares outstanding. That would make Verizon the second-largest shareholder, behind Chief Executive Theodore Farnsworth, who owns 10.5% of the shares outstanding, according to FactSet data. Earlier this month, Helios & Matheson had agreed to buy Verizon's Moviefonebusiness for an undisclosed amount. Helios and Matheson's stock closed Friday 25% above the April 3 seven-month closing low of $2.57. It had still plunged 49.1% year to date, while the S&P 500 SPX, +0.92%had slipped 0.7%.