Exela Technologies Inc (NASDAQ:XELA) Stock Sees Renewed Buying Interest: What’s The Buzz?

Exela Technologies Inc (NASDAQ:XELA) shares witnessed a renewed interest from investors on 27th July, 2021 as it announced Drysign offerings and Digital Mailroom reporting record additions of fresh users during quarter two of 2021. Drysign and Digital newsroom witnessed growth in the preceding 90 days with 99% growth in DMR’s SMB customer base while 144% uptick was seen in Drysign’s user base, vis-à-vis the prior period.

Reddit traders took advantage and continued to short squeeze the company, which is engaged in global business process automation.

This update has invigorated investors especially with the upcoming call on quarter 2 earnings reports, estimated to be coming out on August 9, just a couple of weeks more. The company’s shares saw heavy trading as over 64 million shares changed hands just during the course of the day. This is significantly higher than the average trading volume of more than 60.2 million shares. XELA shares rose by 18.9% on 27th July morning.

Investors expressed cheer on its announcement and some said that they can’t wait for the squeeze. On the other hand, some investors spoke about the company doing good PR and being the only company in the green amidst the market in red.

Exela Technologies, headquartered in Texas, was created after the merger of SourceHOV LCC, Novitex Holdings, Inc. and Quinpario Acquisition Corp. 2.

Market Reaction:

On Tuesday, XELA stock jumped 6.50% at $2.62 with more than 127.41 million shares, compared to its average volume of 61.20 million shares. The stock has moved within a range of $2.5800 – 3.0900 after opening the trade at $2.85. Over the past 52-week, the stock has been trading within a range of $0.9900 – 7.8200.