Why Asana Stock Popped Today
Shares of Asana (NYSE: ASAN), the workflow solutions software company, were climbing today as the tech stock continued to rally following last week's smashing second-quarter earnings report and news that CEO Dustin Moskovitz was buying $350 million in stock. Though that news came out last Wednesday night, it seemed to continue squeezing short sellers today as the stock gained for the third consecutive session.
As of 1:45 p.m. ET, Asana stock was up 10.5%.
In a press release last Wednesday evening, Asana said it had sold $350 million to Moskovitz in a private placement, raising money for the company for working capital and general corporate purposes. Not only does that move indicate the CEO's confidence in the stock, it also gives Asana a valuable cash infusion to help fund its growth.
Source Fool.com
