TearLab Corp (NASDAQ:TEAR)
TearLab Corp (NASDAQ:TEAR) shares are up almost 20% in mid-day trading on heavy volumes. On Monday TEAR shares closed at $1.69 and today shares opened at $1.67 before rising to an inter-day high of $2.70 – a 61% gain. TEAR shares have a 30-day, daily average volume of 139,770 but by 2PM EST over 1.3 million shares traded hands. As the graph shows – the majority of the share’s gains came suddenly and just before 11AM EST. What makes the gain newsworthy is the lack of any new information coming out of the company or a third-party concerning the company. A review of TearLab’s website and financial news sites revealed nothing posted about shares of TEAR that would justify the large daily move.
TearLab Corp (NASDAQ:TEAR) has had a rough ride during the bull market as shares were trading above $7 just this past winter. For the year, TEAR shares are down over 74%, and they are down over 67% YTD. According to reports, insiders have shed over 75% of their TEAR holdings and institutions are also net sellers.
Of some comfort to shareholders is that short-sellers seem to have stayed away from the stock. Marely more than 7.5% of the stock’s float is represented by short-seller positions. This is a modest amount by most measures. This lack of short-sellers could be due to the cash/share number which is currently sitting at $2.26 or about 12% above the current trading price. Still, of the four firms that cover TearLab Corp (NASDAQ:TEAR), three assigns the shares a rating of “Strong Buy” while only one assigns the shares a “Hold” rating. Their consensus price target is $3.50.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
Don’t miss out! Stay informed on $TEAR and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.