Stock Watch: Surprising Spike For Engage

What’s going on with the shares of profile-driven marketing company Engage (Nasdaq: ENGA)? The answer is uncertain, but the company’s investors obviously aren’t complaining. Shares of Engage gained 11 to 41 on Thursday, a rise of nearly 37 percent. What makes this spike especially remarkable is that Engage didn’t make any announcements, and there was not any real news to move the stock.

Message board discussions all over the Web were full of talk about how Goldman Sachs is accumulating the stock, how the Munder NetNet Fund has a stake in Engage and how controversial day trader Tokyo Joe is touting the stock. What’s strange is that none of this is really news. If Goldman Sachs really is accumulating Engage, this isn’t a surprise considering Goldman Sachs was the lead underwriter for Engage’s initial public offering. The Munder NetNet Fund has owned shares of Engage since July. As for Tokyo Joe, he’s been talking up Engage for weeks.

There might be something else going on. It looks like there’s some smart money accumulating this stock in anticipation of something. Don’t be surprised if there’s some news released soon.

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