Frank Zorrilla was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Zor Capital Founder and Chief Investment Officer Frank Zorrilla discussed Twitter Inc TWTR Friday on the show.
Zorrilla said that there were holders of Twitter stock still looking to sell and the shares had not yet reached a floor following its April 28 earnings release.
Discussing the company itself, Zorrilla said he liked Twitter and thought the Periscope service was “huge.”
When looking at Twitter from a longer-term time horizon, Zorrilla was bullish on the stock and felt it was suitable as a long-term holding.
“Not from a trading perspective but from an investment perspective,” said Zorrilla, “I would be looking to buy the shares close to $35 and just ‘put it in the books’ because I think it’s not going away and I think that a company this high-profile will make it happen at some point.”
In January of 2014, shares of Twitter closed at an all time high of $69. Following the high, shares had tumbled lower and later collapsed from the $50 level in late April to the current level in the mid-$30’s.
Related link: Twitter Shares Crumble; Wall Street Reacts
Despite the decline in share value and investor concerns over earnings, Zorrilla felt the company would turn-around.
Twitter Inc is up approximately 2 percent Year-to-Date and closed at $36.60 Friday, down 0.22 percent.
Listen to the show here:
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