What happened
Shares of Fastly (FSLY 0.42%) were up 15.8% as of 2:40 p.m. EDT Wednesday despite a lack of company-specific news. Rather, note shares not only soared almost 50% in August as Wall Street praised Fastly's first quarterly report since going public in May, but they also pulled back hard earlier this week (without news to support the move) along with a broader group of other cloud-centric tech stocks.
So what
With that in mind, this bounce isn't exactly out of character for a recently IPO'd stock with a relatively small float available to retail investors. It certainly helps, however, that the broader market is climbing today, led by a 0.7% rise from the tech-heavy NASDAQ index as of this writing.
IMAGE SOURCE: GETTY IMAGES.
Now what
To be clear, I see no new press releases, analyst notes, SEC filings, or merger news that might otherwise directly cause such a rise -- so patient, long-term investors who aren't already accustomed to Fastly's volatility shouldn't lend too much credence to moves like this. Instead, focus first on the health and momentum of Fastly's underlying business. In time, its share price should more closely reflect as much.
