Meridian Bancorp (NASDAQ: EBSB)
Maridian Bancorp was off to what seemed like a relatively normal day in the market today. At the start of the trading session, the stock made a slight dip into the red. Since then, we’ve seen a slow yet steady recovery from the day’s lows, eventually bringing the stock back into the green. Nonetheless, it all changed minutes ago as the stock started to soar. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to EBSB ahead.
What We’re Seeing From EBSB
As mentioned above, Meridian Bancorp was having what seemed to be a normal day in the market today. At the opening bell, the stock made a slight run into the red. However, throughout the day, we’ve seen a slow and steady recovery, which eventually brought the stock back to minimal gains. Those minimal gains became something big minutes ago. At the moment, the stock is screaming upward. Currently (1:49), EBSB is trading at $18.95 per share after a gain of $0.35 per share (1.88%) thus far today.
Why The Stock Is Climbing
As usual, our friends at Trade Ideas were the first to bring this run to our attention. As soon as they did, the CNA Finance team started working to see if we could uncover the reason for the gains on EBSB. In this particular case, the gains seem to be caused by nothing more than investor excitement.
At the end of the day, it doesn’t take much to get investors excited. One thing that can do it is a large purchase, and minutes ago, 40k shares of Maridian Bancorp were purchased. Large buys like this will tend to get the juices flowing and cause further gains throughout the day. That seems to be what we’re seeing at the moment.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EBSB. In particular, we’re interested to see who scooped up that many shares. We’ll keep a close eye on the news and bring the updates to you as we find them!
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