Dropbox continued to climb on Monday, adding to last week’s gains.
Shares of the cloud storage company rose more than 8 percent, hitting another all-time intraday high of $43.50.
Piper Jaffray said in a Sunday note that its best explanation for the surge in Dropbox is that “investors are looking for new growth opportunities with long term time horizons.”
In the past week, shares of Dropbox have gained more than 42 percent.
Rishi Jaluria, senior research analyst at D.A. Davidson & Co, said the move in Dropbox was “likely follow through from last week.” Jaluria noted that trading volume in the stock has been heavy in recent sessions.
As of early afternoon trading, more than 12.1 million shares of Dropbox changed hands. That figure exceeds the 30-day average volume of 3.7 million shares.
More than 19.6 million shares of Dropbox traded in Friday’s session, following the 23.7 million that changed hands on Thursday.
Dropbox rises more than 8% adding to last week's gains