Twitter (TWTR) Continues to Defy Wall Street
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Twitter, Inc. (NYSE: TWTR) is continuing its mega post-IPO run in pre-open trade Thursday. After gaining 8.4% Tuesday, 74% since the start of December and 177% since its November IPO, shares of the micro-blogging service are up another 3.3% in early trade to $72.14.
The move is being attributed to mutual fund window dressing into the end of the year as fund managers want to show clients they owned the stock. Short covering is also contributing. As of 11/29/13, 17.8 million of Twitter shares were held short, or 22% of the available float.
A big theme investors are betting on with Twitter is Social TV advertising. This theme got a big boost this week after Twitter Chairman and co-founder Jack Dorsey was named as an independent director of media giant Walt Disney (NYSE: DIS).
Shares of Twitter have far exceeded Wall Street analysts expectations. According to data at Ratings Insider, there are 7 Buy recommendations, 14 Neutrals and 5 Sells on Twitter - giving it a overall 'Neutral' rating. The average price target on the Street is just $42.93, or 40% below current levels.
The move is being attributed to mutual fund window dressing into the end of the year as fund managers want to show clients they owned the stock. Short covering is also contributing. As of 11/29/13, 17.8 million of Twitter shares were held short, or 22% of the available float.
A big theme investors are betting on with Twitter is Social TV advertising. This theme got a big boost this week after Twitter Chairman and co-founder Jack Dorsey was named as an independent director of media giant Walt Disney (NYSE: DIS).
Shares of Twitter have far exceeded Wall Street analysts expectations. According to data at Ratings Insider, there are 7 Buy recommendations, 14 Neutrals and 5 Sells on Twitter - giving it a overall 'Neutral' rating. The average price target on the Street is just $42.93, or 40% below current levels.
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