NEW YORK (TheStreet) -- Shares of One Horizon Group (OHGI) exploded 111% to $2.29 in early afternoon trading Wednesday after the technology company, which sells Voice Over IP (VoIP) service, announced that its Chinese retail VoIP service, Aishuo, exceeded its two-month target with more than 3 million downloads.
The company rolled out Aishuo to Chinese smartphone users in late February.
In addition, SeeThruEquity updated its coverage on the stock.
"We see several potential catalysts ahead for OHGI in 2015. The company should generate growth in its core Horizon Platform business as global carriers deploy more of the company's service offerings to drive bandwidth efficiency and delivery turnkey mobile voice and messaging solutions to their customers," CEO Ajay Tandon announced.
"Moreover, OHGI appears to be generating meaningful traction in the early stages of its launch of Aishuo. OHGI announced that Aishuo had achieved more than 3.0mn subscriber downloads by the end of April, and is targeting 15mn subscribers after two years," Tandon continued. "We are maintaining our 12-month price target of $4.05 per share."
Separately, TheStreet Ratings team rates ONE HORIZON GROUP INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ONE HORIZON GROUP INC (OHGI) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."