Why ZIM Integrated Shipping Services Stock Is Crushing It Today
Shares of the Israel-based Zim Integrated Shipping Services (NYSE: ZIM) are rocketing higher today. Specifically, the international cargo-shipping company's stock was up by a healthy 11.6% on extremely heavy volume as of 2:23 p.m. ET Tuesday afternoon.
What's sparking this breakout? Zim, for its part, has maintained radio silence since its last material update over two weeks ago. Instead, the company's stock appears to be benefiting from a wave of bargain buying today.
Over the last 12 months, Zim's stock has become a favorite target among short sellers. As a result, the cargo-shipping company's stock has fallen by a whopping 65.7% over this period. Zim's stock stood out as a prime short target due to falling freight rates, a steep drop in demand, and its former premium valuation stemming from an influx of investors into the stock during the COVID-19 pandemic.
Source Fool.com
