Shares of Superdry PLC (LON: SDRY) today surged 7.39% despite the lack of major releases from the company’s extending its weekly gains to 38% as investors piled into the stock ahead of the Black Friday sales period.
The retailer’s latest rally could also be related to the positive ratings from analysts regarding the company’s future prospects as evidenced by the comments below from analysts at Liberum regarding the recent appointment of Benedict Smith as Superdry’s new interim chief financial officer.
“We note that the group’s cash management throughout COVID-19 to date already deserves much credit, with a net cash position of £44mln as at September materially ahead of the prior year, due to both strong stock clearance and a disciplined buying for autumn/ winter 2020,” the analysts said.
Superdry’s rally could also be linked to the COVID-19 vaccine results reported by Pfizer on Monday that saw many stocks rally as investors anticipate a return to normal once the vaccine is commercially available.
Superdry share price
Superdry shares today surged 7.39% to trade at 229.6p having rallied from Thursday’s closing price of 213.8p.