What happened

Shares of Healthequity (NASDAQ:HQY), a leading administrator of health savings accounts, jumped 15.1% on Friday. There doesn't appear to be any company news that could justify the double-digit boost. That makes it likely that the stock is simply rebounding from its recent sell-off, along with the rest of the market.

It also didn't hurt that the Dow Jones Industrial Average, S&P 500, and Nasdaq all rose more than 9% on Friday.

So what

Lots of growth stocks have been sold off very hard during the last few weeks in response to the growing concerns of the spread of COVID-19. Healthequity was no exception. As of Thursday, Healthequity's stock was down more than 45% from its February highs, which is a stunning move in such a short period of time.

Piggybank with the letters hsa written on the side

Image source: Getty Images.

Amazingly, there hasn't been any news out of the company during that time that could justify such a massive drop. In fact, the last time the company issued market-moving news was when it reported its year-end fiscal 2020 sales metrics, which looked great. Management even revised its full-year revenue and profit guidance upward when it released its numbers, which caused Wall Street to cheer. 

However, that good news hasn't come close to offsetting the enormous marketwide selling pressure that has cropped up in the last few weeks. With the Dow Jones Industrial Average, S&P 500, and Nasdaq all dropping into bear market territory this week, it makes sense that Healthequity's stock has also been in freefall.

Now what

Healthequity is set to report its fourth quarter and full-year fiscal 2020 earnings on Monday, March 16. Management had previously indicated that they expect to generate between $812 million and $820 million in sales during fiscal 2021, which represents growth of about 53% at the midpoint. Shareholders will want to tune in to see if the coronavirus fallout will cause them to revisit that number.