There's no such thing as a summer slump for Dropbox Inc. (DBX) .
Shares of the data storage and file sharing company soared as high as 10% on Monday, June 18, to a new record high of $43.50 on double the stock's average trading volume. Shares finished up 6% at $42.00.
Monday was the third-straight session Dropbox stock has reached a new high. Shares have risen more than 30% in the last three sessions and nearly 40% in the last month.
Dropbox went public in March at $21 a share. Since its initial public offering, Dropbox has rocketed higher more than 100%. While the company hasn't released any information that could explain the rapid stock price appreciation, a frenzy of M&A chatter has circulated throughout Wall Street.
Of the 12 analysts who disclose their rating for Dropbox shares on FactSet, eight rate it as buy, two rate it as hold and two rate it as sell.
Dropbox is expected to next release quarterly earnings on Thursday, Aug. 9. FactSet analysts predict the company will report earnings per share of 6 cents, down slightly from 8 cents a quarter earlier. For the full year, analysts forecast Dropbox will earn 28 cents per share, nearly doubling its yearly earnings from the previous year.
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