While not all the companies will see unusual buying, some will see purchasing volume that ordinarily takes as many as eight trading days to accomplish. We screened the list of companies that the quantitative strategies team at Jefferies put out for the high-profile stocks that will be making their Russell index debuts.
Fitbit Inc. (NYSE: FIT) was one of the highest profile deals this year, and the stock has sold off hard from highs that were hit in early August. The Jefferies team expect that 715,020 shares will be bought on the close Wednesday for a total expected dollar amount of more than $29.1 million. The company manufactures and provides wearable fitness-tracking devices worldwide, including wrist bands and clippable devices that monitor a user’s calories burned or distance covered. Shares closed Friday at $37.60.
Wingstop Inc. (NASDAQ: WING) was another hot deal that has traded back down. Jefferies expects that 466,680 shares of the stock will bought on the close Wednesday for a total dollar amount of more than $11.9 million. That’s about 1.5 days of normal trading volume of the stock. The company franchises and operates restaurants under the Wingstop name that specialize in cooked-to-order, hand-sauced and tossed chicken wings. As of May 06, 2015, it operated approximately 750 restaurants in the United States, Mexico, Russia, Singapore, the Philippines and Indonesia. The shares closed Friday at $25.47.
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Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI) was a very highly anticipated retail offering this year and it joins the Russell 2000 on Wednesday. Jefferies anticipates that 718,840 shares of the stock will hit the buy tape, at a total dollar amount of approximately $12.8 million. The company operates retail stores that offer brand name products, including housewares, food, books and stationery, bed and bath, floor coverings, toys and hardware. As of May 15, 2015, it owned 181 Ollie’s Bargain Outlet retail stores across 16 states in the United States. The stock close last Friday at $16.35.
Planet Fitness Inc. (NYSE: PLNT) stumbled out of the gate, then traded up nicely before coming back in and stabilizing. Jefferies sees a whopping 1,086,750 shares hitting the buy tape on Wednesday. The total trade dollar amount should be more than $19.3 million. The company franchises and operates fitness centers. The stock closed Friday at $18.20.
NantKwest Inc. (NASDAQ: NK) was a red-hot deal that has been absolutely mauled over the past month. Jefferies expects that 465,570 shares of the stock will be bought on Wednesday, at a total dollar amount for trade set at approximately $9.0 million. This biotechnology company develops immunotherapeutic agents for various clinical conditions. It is initiating a Phase 2 clinical trial for its activated natural killer product candidate for the treatment of virally induced cancers. The stock closed Friday at $16.10.
The dollar amount the Jefferies team has estimated could very well change by the time the trades are actually made. However, investors holding these stocks currently should be pleased to know they will be residing in the top Russell indexes.
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