Why the Zip share price is bouncing
Big players eyeing Zip shares
On Monday, a change in substantial holding announcement revealed that Bank of America Corp had increased its stake in Zip from 6.15% to 7.45%.Bank of America has had a longstanding relationship with Zip, acting as its financial advisor and placement agent during the company’s QuadPay acquisition. The major US bank also played a part in assisting Zip with its $400 million convertible bond raising. Bank of America’s initial 6.15% stake was announced back in April this year.
It was also just two weeks ago the Australian Financial Review speculated that Swedish BNPL provider Klarna had accumulated a 4% stake in Zip as well. The Klarna news witnessed a 21.98% surge in the Zip share price between 7 and 8 June.
Quarterly update on the horizon
In the past, Zip typically delivers its fourth-quarter results in the latter half of July. The last time we heard a meaningful update from Zip was its third-quarter results on 13 April which was followed by a $400 million notes offering to fund the company for growth. The Zip share price rocketed almost 17% higher on the day the company’s record results were released.
Why the Zip share price is bouncingBig players eyeing Zip...
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