It’s been a crazy couple of days for Wotif. The Australian online travel agent’s share price surged 23% on heavy trade on Wednesday before falling 11.6% yesterday. The frenzy erupted after 3.5% of the company was sold by major shareholder Hyperion Assset Management at $2.40.
The shares, which had been heavily shorted, shot up to $3 before falling to $2.65 yesterday, where they appear to have settled, at least for the time being.
EO Scott Blume said: “There is no story behind the story.”