Here's Why Fastly Shares Nearly Doubled Last Month

Shares of Fastly (NYSE: FSLY) soared 97.3% higher in June, according to data from S&P Global Market Intelligence. The provider of edge cloud computing and content delivery network (CDN) services continued to thrive due to the social-distancing and remote-work policies demanded by the COVID-19 pandemic. Fastly's stock has more than quadrupled in 2020, including an eight-fold bounce from the market bottom in March.

Fastly didn't provide investors with much company-specific news last month. For the most part, the stock's rise was fueled by a high-octane blend of market momentum and worsening COVID-19 data.

However, one boost along the way was triggered by edge computing client Shopify (NYSE: SHOP), whose e-commerce deal with retail giant Walmart (NYSE: WMT) pushed Fastly's stock 11% higher in a single day. What amounts to a very nice contract for Shopify could be a downright game-changer for the far-smaller Fastly.

Source Fool.com