Shares of Fastly (NYSE:FSLY), a provider of an edge computing platform, soared on Monday, rising 9% by 3:45 p.m. EDT.
The stock's move higher was likely driven by overall bullishness in the market on Monday for growth stocks like Fastly. In addition, some investors may think a pullback in the tech company's stock last week went too far, creating a buying opportunity.
Investors have been buying up Fastly shares in droves ever since the company's blowout first-quarter results and management's outlook for accelerated growth in Q2. But shares fell last week, along with many growth stocks, taking a breather from a huge run-up. The stock still trades 18% below an all-time high achieved earlier this month, perhaps explaining why some investors appear to be opportunistic by buying the stock on Monday.
Investors will get an opportunity to check in on Fastly's performance early next month. The tech company is slated to report its second-quarter results after market close on Aug. 5. Management guided for revenue during the period to be between $70 million and $72 million, up from $46 million in the year-ago period.