Exela Technologies (NASDAQ:XELA) Stock Is About To $5: Time To Book Profit?
Shares of Exela Technologies (NASDAQ:XELA) surged higher on 13th July due to retail traders holding firm on their short-squeeze of XELA. The same short squeeze was witnessed on 12th July when the stocks of XELA surged higher as retail investors grabbed the company’s shares. This additional interest is being seen from social media and Reddit traders who are keen to push shorts out of the company.
The company is no stranger to short squeeze as it as significant short interest of 26% and was even considered as one of the primary candidates for such movement by analysts. There are a plethora of people keeping a tab on XELA stock.
Retail traders hooked to twitter are discussing the rise of the stock. The company, which is a global processing automation firm, was created with the merger of SourceHOV, Novitex Holdings and Quinpario Acquisition Corp. Its shares have witnessed gargantuan trading volumes, with over 350 million shares changing hands. This is very high as compared to the firm’s daily average trading volumes of 38.3 million shares or almost 10 times the average volume. Headquartered in Texas, the company was founded in 2017.
Market Reaction:
On Tuesday, XELA stock soared 25% at $4.34 with more than 514.16 million shares, compared to its average volume of 38.89 million shares. The stock had moved within a range of $3.5000 – 5.4500 after opening the trade at $3.57. Over the past 52-week, the stock has been trading within a range of $0.9900 – 7.8200.
