News of a potential sale has sent shares of nCino (NASDAQ:NCNO), the provider of cloud-based banking software, rocketing in today’s trading. As per a Reuters report, the board of nCino is contemplating the formation of a special committee to evaluate possible strategic avenues, with a sale being a prime consideration.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Insight Partners, a significant stakeholder holding approximately 35% of nCino, is still undecided on whether it would participate in any prospective deal or prefer to liquidate its holdings. Although the stock battles to achieve profitability, it has made promising strides in revenue growth propelled by a 53% surge in subscription revenue.
A look at the past five trading days for NCNO stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 24% in today’s trading session. As a result, investors are now up 31.04% during this timeframe.