Over the course of the past two weeks, the Bridgeline Digital Inc (NASDAQ:BLIN) stock had been one of the major gainers but this past Friday, the stock tanked by 12% on the back of some investors decided to take their profits off the table.
That being said, it should not be overlooked that despite the recent fall, the stock is still up by as much as 150% over the past two weeks. The rally in the stock may have been triggered by an announcement from the cloud based marketing technology software firm back on July 1, 2021.
The company announced that its network partner managed to bag as many as 20 site search licensed during this ongoing quarter. The licenses in question were acquired for HawkSearch and Celebros. The two companies were the latest acquisitions that had been made by Bridgeline.
At the time, the Chief Executive Officer of the company, Ari Kahn, announced that the company has made the partner network expansion a key aspect of its goals this year. He went on to add that due to those two acquisitions, the company has managed to make ‘substantial progress’ on that particular front.
Market Reaction:
On Friday, BLIN stock decreased 11.86% at $6.76 with more than 6.81 million shares, compared to its average volume of 8.03 million shares. The stock had moved within a range of $6.65 – 8.20 after opening the trade at $7.92. Over the past 52-week, the stock has been trading within a range of $1.62 – 14.38.
 Stock Pulls Back After The Big Jump: Now What?){kind=link}