Switch Stock Cools From Records Amid Rumors of Potential Sale

The shares hit a record high on Monday

Digital Content Manager
Mar 22, 2022 at 9:54 AM
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It was just reported by Bloomberg that data-center operator Switch Inc (NYSE:SWCH) is in the middle of exploring several strategic moves, of which could include a sale of the company. Those familiar with the matter said the firm is currently in talks with advisers as they weigh their options, though the company itself has yet to speak on these claims. Following these reports, SWCH is down 0.9% morning, trading at $29.18. 

Switch stock has added roughly 89.1% in the past 12 months, and it clings to a 2.7% year-to-date gain. The equity staged an impressive rally that's carried on into this week, stringing together five-consecutive wins and hitting a record high of $30.22 during Monday's session. 

Short interest has risen alongside the stock, up 25.7% in the last two reporting periods. Now, the 6.24 million shares sold short make up 4.9% of SWCH's available float, or nearly four days' worth of pent-up buying power. 

Analysts, meanwhile, are overwhelmingly bullish. All 10 in coverage consider the equity a "buy" or better. However, the 12-month consensus price target of $30.38 is just a 2.1% premium to last night's close. 

 

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