Shares of Fastly (NYSE:FSLY) were up again on Thursday, a day after the content delivery network (CDN) specialist announced a significant performance milestone, as investors continued to buy up stocks positioned to benefit from a long-term shift from brick-and-mortar retail to e-commerce.
As of 2:30 p.m. EDT today, Fastly's shares were up about 4.9% from Wednesday's closing price.
There was no significant news driving Fastly's share price higher on Thursday. But the company has had an eventful week. And its shares are probably getting a boost from intense investor interest in tech companies that stand to benefit from a post-coronavirus consumer shift toward online commerce.
Fastly said Wednesday that it had hit a significant performance milestone: Its edge cloud platform has reached 100 terabits per second of connected edge capacity and is now capable of handling more than 800 billion requests per day.
Fastly also announced that it has acquired the team and intellectual property assets of Tesuto, a virtual network emulation platform. Tesuto's three co-founders, all with deep network experience, have agreed to join Fastly's team.
Fastly's shares also got a boost earlier this week, after e-commerce management provider Shopify (NYSE:SHOP) signed a deal with Walmart (NYSE:WMT), in which merchants using Shopify's platform will be able to list their offerings in a new section of Walmart's site. Although Fastly wasn't directly involved in the deal, some analysts (including The Motley Fool's Nicholas Rossolillo) think that Fastly could be a big beneficiary of the partnership.