NEW YORK (TheStreet) -- Shares of Sino-Global Shipping America (SINO) were soaring 19.94% to $1.68 on heavy trading volume mid-morning Wednesday after the Roslyn, NY-based shipping management company announced it would be developing a new mobile application, according to a company statement.
The application will provide a full-service logistics platform between the U.S. and China for short-haul trucking in the U.S, which typically involves driving within a 150-mile radius.
The company hopes its logistics application will better manage the more than 25 million containers moving between China and the U.S. each year.
"We believe that Sino-Global is in the right position to solve bottleneck issues in this traditional industry with mobile application technology," CEO Lei Cao said in a statement.
Sino-Global is currently evaluating technology and potential business partners and plans to launch the app in 2017.
More than 3.43 million shares have traded so far on Wednesday vs. the 30-day average of 1.24 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: SINO