SilverSun Technologies (NASDAQ:SSNT) stock is sliding lower on Tuesday after the company’s shares underwent a massive rally yesterday.
That rally came about after SilverSun Technologies announced plans to spin off parts of its business. This comes after Brad Jacobs revealed a major investment in the company and a corporate takeover.
Jacobs invested $900 million in SilverSun Technologies through his Jacobs Private Equity fund. His focus is on the software business of SilverSun Technologies with plans to spin off the other businesses in the coming months.
What This Means for SSNT Stock
All of this news brought with it heavy trading of SSNT stock yesterday. That saw more than 41 million shares traded on Monday. This also caused the stock to rocket 240.3% higher during normal trading hours.
Now SSNT stock is giving up some of those gains today with a 27.5% drop as of Tuesday morning. That comes alongside 445,000 shares changing hands. For comparison, the company’s daily average trading volume is about 670,000 shares.
SilverSun Technologies is a business application, technology, and consulting company that operates in the U.S. It employs roughly 170 people and is based out of East Hanover, N.J.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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