Dropbox Inc. (DBX) is working for the weekend.
Shares of the data storage and file sharing company surged as much as 9% on Friday, June 15, putting it on track for a new record high by the closing bell. Friday's explosive action followed a momentous Thursday session that saw Dropbox finish higher by more than 14%.
Dropbox declined to comment on the stock move when reached by TheStreet Thursday afternoon.
Morningstar Analyst William Fitzsimmons told TheStreet Thursday that he was "a little perplexed" by the rally, but noted that many names that have held initial public offerings since the start of 2018 were climbing Thursday, including Zscaler Inc. (ZS) and Smartsheet Inc. (SMAR) .
Zscaler rallied 2.7% Friday, but Smartsheet fell 1.5%.
"There is a palpable appetite in the U.S. market for new IPOs given the overall consolidation and aggressive M&A activity in the U.S. market," Fitzsimmons said. "A lot of names like DBX, Zscaler, Docusign Inc. (DOCU) , and Zuora Inc. (ZUO) had solid earnings after debuting on exchanges, so I would speculate that the rally might be a delayed reaction to the solid first quarter as a public company that these firms produced as well."
But Fitzsimmons offered a kicker: "Dropbox's rally looks outsized compared to these players though, so it would not be outside the realm of possibility that there is a pending announcement or piece of news that we do not know yet," he said.
Dropbox, which held its initial public offering in March, has rallied 29.5% in the last five sessions. In the last month, shares have climbed 28.48%.