The shares are headed for their best day ever
The shares of Marin Software Inc (NASDAQ:MRIN) are up 47.3% to trade at $3.73, after the California-based online advertising company announced a three-year revenue share agreement with Alphabet's (GOOGL) Google. Under the terms of the deal, Google will pay Marin Software based on the revenue generated on its platform from clients using the Google Search Engine and other "eligible" search engines.
Heading into today's trading, Marin Software stock had plunged nearly 77% year-to-date, with the $2.25 level creating a floor in recent weeks. The shares are now pacing for their best day ever by far, and are on track to close north of their 120-day moving average for the first time since Jan. 11.
Short sellers have been cashing out amid the stock's long-term technical struggles, with short interest down 9.7% in the last two reporting periods. However, it would take short sellers more than seven days to cover their remaining positions, at the stock's average pace of trading. These bearish bettors are sidelined today, though, with MRIN on the short-sale restricted list.