Twitter (TWTR) enjoyed its biggest single-day rise since its IPO in November, with the stock jumping 9.3 percent to $49.14 yesterday.
The market flirted with the $50 level before easing back a whisker at the close, giving Twitter a market capitalisation of $27.9 billion.
17.37 million shares changed hands.
Twitter rose 73 percent on the day of its IPO, peaking at $50.09 before drifting back down over the rest of the day to settle at $44.90, and continued to edge lower through November 25th, registering a bottom of $38.80. But the stock has been surprisingly buoyant since then, with analysts showing faith in Twitter’s new advertising products.
“We’re seeing that there’s a lot they can do with targeting and retargeting for advertisers,” Brian Nowak, an analyst at Susquehanna Financial Group, in an interview with Bloomberg.
“Over time it will help them grow into their valuation.”