Momentum Mover of the Day: Jamba (JMBA)
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Shares of Jamba (Nasdaq: JMBA) are seeing significant upside today even though no news has hit the stock. Jamba shares have risen as much as 17% after opening today's trading session only 7 cents higher than yesterday's close of $2.65. Notably, the Company's stock is feeling unusually heavy trading volume today: by noon Jamba had already traded more than 850,000 shares, nearly double its average daily volume of 470,000 shares.
Only a half-hour after the opening bell sounded, shares of Jamba had already spiked about 30 cents. The stock continued moving higher until about 11:30 AM ET, when the price began dipping after hitting an intra-day high of $3.10. Shares of Jamba have most recently traded up about $0.30, or 11%, to $2.94.
Jamba's stock had a rough 2007, to say the least; shares fell from around the $10 range to just under $4, marking about a 60% decline. 2008 has not been much better so far: Jamba's price has continued to decline -- down more than 20% year-to-date. On the other hand, shares seem to have recently bounced off a 52-week low of $2.10 set on March 17. This upside move of more than 30% could have began after several Jamba executives bought just two days after the stock hit the low, certainly showing a vote of confidence to loyal Jamba shareholders.
Drastic spikes with a lack of news can sometimes be a signal of a short squeeze. At the beginning of March, Jamba had about 22% of its float shorted, and with so much downside over the last year, investors betting on a decline in price may be locking in profits today, although this is only speculation. [BCS]
Only a half-hour after the opening bell sounded, shares of Jamba had already spiked about 30 cents. The stock continued moving higher until about 11:30 AM ET, when the price began dipping after hitting an intra-day high of $3.10. Shares of Jamba have most recently traded up about $0.30, or 11%, to $2.94.
Jamba's stock had a rough 2007, to say the least; shares fell from around the $10 range to just under $4, marking about a 60% decline. 2008 has not been much better so far: Jamba's price has continued to decline -- down more than 20% year-to-date. On the other hand, shares seem to have recently bounced off a 52-week low of $2.10 set on March 17. This upside move of more than 30% could have began after several Jamba executives bought just two days after the stock hit the low, certainly showing a vote of confidence to loyal Jamba shareholders.
Drastic spikes with a lack of news can sometimes be a signal of a short squeeze. At the beginning of March, Jamba had about 22% of its float shorted, and with so much downside over the last year, investors betting on a decline in price may be locking in profits today, although this is only speculation. [BCS]
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