Why Fastly Stock Popped Today
Shares of Fastly (NYSE: FSLY) were up 15.8% as of 2:40 p.m. EDT Wednesday despite a lack of company-specific news. Rather, note shares not only soared almost 50% in August as Wall Street praised Fastly's first quarterly report since going public in May, but they also pulled back hard earlier this week (without news to support the move) along with a broader group of other cloud-centric tech stocks.
With that in mind, this bounce isn't exactly out of character for a recently IPO'd stock with a relatively small float available to retail investors. It certainly helps, however, that the broader market is climbing today, led by a 0.7% rise from the tech-heavy NASDAQ index as of this writing.
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Source Fool.com
