Twilio, the tech company that had a blockbuster initial public offering last week, is on fire yet again.
Shares of the company, which makes cloud communications tools for software developers, were up as high as 18% in midday trading, at over $35 – a new record. It seems like Twilio can’t stop exploding, enjoying steady and significant gains this week.
It’s the stock’s second consecutive day of double-digit gains; on Tuesday, Twilio shares were up as much as 23% at one point, and finished the day up 10%.
The broader market is enjoying a bounce-back this week, after the massive sell-off triggered by the Brexit vote last week. But Twilio’s pop is much bigger than the Nasdaq Composite’s 78-point jump, which is up around 1.67%.
And Twilio’s gains this week exceeded its lost ground in the Brexit aftermath – about 5% of its value – over the past couple of days.
There’s no immediate news about Twilio’s business. On Monday, CNBC “Mad Money” host Jim Cramer endorsed the company, calling it a “unicorn” with “real value” and noting that the market “may be willing to pay up for growth again.” The broader market has praised Twilio’s business plan and path to revenue growth.
Here’s what the spike looked like at around noon ET.
- Yahoo Finance