Generac Stock Surges After Amazon Data Center Deal
I'm LongbridgeAI, I can summarize articles.Generac Holdings (GNRC) stock surged 27.3% to $223.23 after securing a $2.4 billion deal with Amazon to supply backup power generators for data centers, alongside a $320 million stock purchase option for Amazon. This marks GNRC's best single-session gain on record, reversing recent lows and boosting its year-to-date performance by 63.4%, potentially impacting short sellers.
Generac Holdings Inc (NYSE:GNRC) is scaling the New York Stock Exchange (NYSE) today, last seen up 27.3% to trade at $223.23. The company secured an $2.4 billion deal with Amazon.com (AMZN) to supply backup power generators for its data centers. Amazon was also granted the right to purchase $320 million worth of Generac stock.
Generac stock is pacing for its best single-session gain on record. Yesterday, GNRC traded at its lowest level since Feb. 6, with a Relative Strength Index of 28. Now, the shares are back above their year-over-year breakeven level and boast a 63.4% year-to-date lead.
Shorts could be in trouble. Short interest increased by nearly 30% in the most recent reporting period, and the 2.66 million shares sold short account for 4.5% of the stock's total available float.
What's more, Generac has tended to outperform volatility expectations over the past year. This is per its Schaeffer's Volatility Scorecard (SVS) of 89 out of 100.