Marin Software (MRIN) – Get Report and Exela Technologies (XELA) – Get Report both surged on Tuesday amid touts for both companies’ shares on Reddit message boards to collectively push back against a potential short-squeeze.
Marin shares were up more than 40% in premarket trading, extending gains that have seen its stock rise more than 300% in the past seven trading days. Exela Technologies’ shares were up more than 30% amid touts on various sub-Reddits. At the open, Marin shares were up 13% and Exela shares were up 65%.
Neither company reported any specific news on Tuesday. Marin’s stock hasn’t traded above $10 since January 2018, while Exela shares haven’t gone above the $10 mark since January 2019. Both companies trade on the Nasdaq.
Marin last week announced an enhancement to ad management software that allows users to manage ads placed on online grocery platform Instacart, providing new options for targeting online shoppers with targeted ads.
Marin said the added ability to its platform will help advertisers better optimize the some $40 billion they spend in digital advertising geared to target consumers to buy goods and services that complement what they are already looking to purchase.
Exela Technologies, meantime, on Friday received a favorable ruling by a Texas court dismissing a federal securities class action suit. U.S. District Judge Sydney A. Fitzwater on June 25 granted Exela’s motion to dismiss the suit in its entirety.
Exela earlier this month also announced an extension and expansion of its partnership with a large specialty care services insurance carrier. For its first quarter, Exela posted a net loss of $39.2 million on revenue of $300.1 million, though said it expects full-year revenue to be in the range of $1.25 billion to $1.39 billion.
At last check, shares of Marin were up 13.07% at $8.48. Shares of Exela were up 65.61% at $2.43.