Shares exploded higher today in Wet Seal (WTSLA) after coming out with a strong earnings report and a solid call. Despite their mixed guidance (guided higher on earnings, and slightly light on revenues), shares are up 13.5% to 4.85 after hitting an intraday high of 5.12 earlier on very heavy trading (over 7MM shares, and it's not even 10am here).
Some analyst activity today following yesterday's announcement... JP Morgan upgraded the company from Neutral to Overweight, Brean Murray reiterated their buy rating and also upped their price target to $6 while continuing to aggressively recommend the stock, and Roth Capital also reiterated their buy rating.
I was so busy yesterday that I didn't have the chance to write up my thoughts on the earnings call, and now it's time for me to get to work. Have an awesome day everyone!
Go Seal Go!
--- Edit #1 ---
The Seal couldn't hold on to most of its gains... closed end of day up 4.7% at 4.48. I'm not complaining, but sure would have been sweet to sell off a chunk at $5 and buy back in for a 10% discount. Hindsight's 20/20, so I can't kick myself. Still looking for a nice longer-term move in the stock. Nearly 9.5MM shares traded today. That's just HUGE for this stock... roughly 10% of the shares outstanding.
I should also note that Roth Capital reiteration also came with a price target increase to $6 a share.
Anyway, nice to end the week on such a nice note. Have a good one, everybody.