Leapfrog Enterprises Inc. (NYSE: LF) had a stellar day in the market on nothing more than a strange analyst call. This is truly a new firm as far as we have ever heard, but a firm named Ascendiant Capital Markets initiated coverage on the toy making outfit with a rating of “Strong Buy.” Investors took it to heart, because shares just closed up over 7% at $6.83 on more than 1.75 million shares.
What is unusual about the reaction is that the average volume is only 680,000 or so. So, 250% of normal trading volume came about on Tuesday. To sweeten the pot, Leapfrog is now up well over 100% from its lows during the last year ($2.57 is the low). Furthermore, Ascendiant’s call took the stock to a high of $6.84 versus a prior 52-week high of $6.35 before today.
A web search shows that Ascendiant has been around since 2001 and it looks to serve smaller deals. Honestly, this is the first time yours truly has ever head of this firm. Imagine how much Leapfrog might have moved if this was Goldman Sachs.
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