Why ANGI Homeservices Stock Jumped 12% in Morning Trading Today
Shares of ANGI Homeservices (NASDAQ: ANGI), which operates a website that connects consumers with service providers, saw its stock jump 12% or so in the first half hour of trading today. Although there was an SEC filing about a change in stock ownership, revealing that an institutional investor reduced its position at the end of last year, that probably wasn't behind the big uptick today. The market mayhem around short-selling is the far more likely culprit.
Swift price moves for a stock based on little or no news can be disconcerting for long-term investors and particularly for those of a conservative bent. Sometimes such changes are an anomaly that's hard to explain. But recently a large number of companies have had hard-to-explain price moves of shockingly large proportions. For example, ANGI's 12% gain in 30 minutes is a rounding error compared to the headline-grabbing advances in stocks like GameStop these days.
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Source Fool.com