Mer Telemanagement Solutions (MTSL) Stock Corrects on Profit Booking: Time to Buy?
The Mer Telemanagement Solutions (NASDAQ:MTSL) stock has been one of the notable gainers in the past week, having gone up by as much as 50% but on Tuesday the stock corrected sharply and went down 26% on the back of profit booking.
There has been no news about Mer Telemanagement that might have led to the handsome gains in recent days but it might be a good idea to take a closer look at the company’s business. The company is based out of Israel and was established back in 1995 as a TEM solutions provider. At this point in time, the company boasts of a total of 500 clients spread across as many as 80 nations.
On the other hand, the market capitalisation of the company currently stands at only $31.9 million. However, the rally in the stock has been driven primarily by retail investors who have been angling for a short squeeze on the Mer Telemanagement stock. Most of those traders post on a range of social media platforms like Reddit and over the past months they have been responsible for the remarkable rally in many stocks. At this point, it could be a good idea for investors to keep the Mer stock in their watch lists.
Market Reaction:
On Tuesday, MTSL stock slumped over 26% at $4.18 with more than 5.36 million shares, compared to its average volume of 3.55 million shares. The stock had moved within a range of $3.9000 – 4.7800 after opening the trade at $4.80. Over the past 52-week, the stock has been trading within a range of $1.0100 – 8.9400.
