Reebonz (NASDAQ: RBZ) is flying early on in the trading session this morning, and for good reason. However, the company hasn’t issued any press releases. Today’s gains are ultimately the result of an SEC filing. Today, we’ll talk about:
- The filing;
- what we’re seeing from RBZ stock as a result; and
- what we’ll be watching for ahead.
RBZ Climbs As INTC Takes Stake
As mentioned above, Reebonz is having an incredibly strong start to the trading session this morning. However, there have been no press releases issued. So, what’s the deal?
The gains are ultimately the result of an SEC filing that was made by Intel (INTC). According to the filing, Intel has taken a beneficial stake in RBZ with the purchase of 2 million shares.
As a result of the share purchase, INTC now owns a 9.4% stake in the company.
Considering the fact that Intel sees RBZ as a strong investment opportunity, investors are excited. After all, Intel is a massive player in tech and with the giant on their side, growth is likely to come.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dive into the market is that the news leads to moves. When it comes to Reebonz, the news proved to be overwhelmingly positive. After all, the Intel stake not only shows investment interest from a big money investor, it puts Intel on the company’s side. That support is exciting in and of itself. So, it’s not surprising to see that investors are pushing the stock on a run for the top this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:32), RBZ is trading at $2.40 per share after a gain of $1.10 per share or 84.62% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RBZ. In particular, we’re interested in following the growth of the company with the support of Intel on its side. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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