Shares of the content delivery network company Fastly (FSLY 0.25%) jumped today on seemingly no company-related news. But investors might be interested in the tech stock after realizing last week just how important the company's services are for websites across the internet.
Fastly's stock was up by as much as 7.7% today and had gained 6.8% as of 1:05 p.m. EDT.
Many popular websites and services that run on Fastly's content delivery network experienced an outage last week after one of its customers changed some of their configuration settings. Amazon, Reddit, Spotify, and many other sites were down temporarily as a result.
But the company was able to resolve the issue quickly. Fastly issued a press release last week saying: "We detected the disruption within one minute, then identified and isolated the cause, and disabled the configuration. Within 49 minutes, 95% of our network was operating as normal."
Some investors could now be realizing just how important Fastly's services are to high-profile websites and services across the internet.
Even after the outage, investors pushed up Fastly's stock by 14% last week. It appears that some investors are continuing the positive sentiment toward the company this week and are snatching up the tech company's shares.
Fastly' quickly became a winning stay-at-home stock last year while many people in the U.S. were under lockdowns and social distancing restrictions. But as businesses and the U.S. economy have begun to open back up, some investors have sold their shares, leaving Fastly's share price down 33% year to date.
With last week's gains and today's share price jump, however, it appears some investors believe that the stock's pullback this year could be a significant buying opportunity.