Synchronoss Technologies Continues To Rebound After Major Buyers Come In

Synchronoss Technologies, Inc. SNCR shares are trading higher by $1.94 (11.4 percent) at $17.39 in Friday's session.

The catalyst for the rally is the report of large insider buys at the company.

Also, Silver Private Holdings disclosed a 12.93 stake in the company and they're interested in pursuing a potential strategic transaction with the company.

On April 26, the stock swooned from its previous day close of $24.62 to as low as $11.15, but recovered to end the session at $13.26. The reason for that skid was that its CEO and CFO were stepping. In addition, the company cut its Q1 outlook.

Since that day, it worked its way back but went no higher than $16.47 on Thursday and faded to end the session at $15.45.

In a volatile morning session, the stock has found support just ahead of Thursday's high at $16.78. At this time, the high for the session stands at $19.31.