Five9 rises on S&P SmallCap addition
FIVN•Shares rise ahead of SmallCap 600 inclusion
Contact-center software firm Five9 (FIVN.O) shares up 4.9% before the bell to $28.50 as it's set to join S&P SmallCap 600 index (.SPCY) next week.
FIVN to replace Two Harbors Investment (TWO.N) effective Mon, Aug. 3, S&P Dow Jones Indices announced late Weds.
Mortgage-servicing-rights-focused REIT Two Harbors is being acquired by CrossCountry Mortgage in a deal expected to close soon.
Stephens analyst Melissa Roberts said in a note she expects passive funds will need to purchase 10.4 mln FIVN shares, which implies about 3 days of buying demand.
San Ramon, California-based FIVN has ~76.56 mln shares outstanding for about $2.1 bln market cap.
Through Weds, the stock was up 59% over the past three months, putting it up ~35% YTD.
15 of 21 analysts rate the stock "strong buy" or "buy", 6 "hold"; median PT $25, per LSEG data.
