Why XG Technology (XGTI) Stock Is Soaring Today

NEW YORK (TheStreet) -- XG Technology (XGTI) stock is soaring Thursday after announcing its second new U.S. patent award this week. In a statement, the company said it had been awarded a patent for interference mitigation techniques, an invention which "helps improve performance of wireless systems by overcoming impairments to transmission quality."

"This new patent enhances xG's position as a leader in developing innovative approaches to overcoming the challenges faced by today's wireless networks," said CEO John Coleman.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

On Tuesday, the wireless communications developer announced it had received a crucial cognitive radio patent covering a technology which provides "enhanced protection from interference to devices in shares and crowded spectrum environments. 

This latest patent brings xG Technology's intellectual property portfolio total to 60 U.S. patent matters (50 issued) and 145 international patent matters (65 issued).

By midmorning, shares had surged 51.6% to $2.58. Trading volume of 9.3 million shares was more than 17 times its three-month daily average. 

Must ReadWarren Buffett's 25 Favorite Stocks 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

German Automakers Slump After Trump Tweets New Tariff Threat

German Automakers Slump After Trump Tweets New Tariff Threat

Chipotle Rises After Wedbush Lifts Price Target

Chipotle Rises After Wedbush Lifts Price Target

Crude Rises on OPEC Deal That Doesn't Specify Output Boost

Crude Rises on OPEC Deal That Doesn't Specify Output Boost

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s