The Sezzle Inc (ASX: SZL) share price has come out of a trading halt to continue its steep ascent after rocketing 96% yesterday.
At the time of writing, the buy-now-pay-later (BNPL) share is up a massive 39.72%, at 98.5 cents.
It's also worth noting that the Sezzle share price is up almost 360% in the past week.
Image source: Getty Images
What's happened?
As baffling as it might suggest, investors were buying up Sezzle shares in droves regardless of the company keeping a quiet profile.
A sharp turnaround from trading 26 cents on Tuesday, the share price lifted off to hit as high as 79 cents yesterday.
This prompted the stock exchange operator, ASX Ltd (ASX: ASX) to issue a 'please explain letter'.
Its shares were placed in a trading halt pending a response.
Sezzle didn't reply until earlier today regarding the ASX price query.
The company said it is "not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities."
It did note that "on the date in question that the entire sector strongly outperformed the market in terms of price and relative historical trading volume."
An unusually large number of Sezzle shares were traded – more than 25 million in total for the day. Notably, this is the biggest volume that has exchanged hands since July 2020 during COVID-19.
Sezzle pointed out that it believes "investors led the increase in trading activity, because of the sector having been significantly down in recent weeks."
The company's shares hit an all-time low of 18.5 cents on 14 July following significant losses in the days prior.
My Foolish colleague, Brooke spoke about the negative sentiment surrounding Sezzle shares at the time.
Today's share price movement also appears to be supported by a strong trading session on the NASDAQ overnight.
The benchmark index rose 4.26% to 12,601 points – the highest level it has been since early June.
Sezzle share price snapshot
It has been a difficult 12 months for the Sezzle share price, tumbling by almost 90% despite the recent gains.
The company's shares have suffered from what most economists are predicting as a gloomy economic outlook for the near term.
Year-to-date, Sezzle shares are down almost 70%.
