DESP - Why Despegar Soared 62% in November
Shares of Despegar (NYSE: DESP) soared 62% in November, according to data from S&P Global Market Intelligence . That move sent the online travel company's stock from $6.80 per share to $11.04 during the month.
For context, Despegar shares were still down 18% for the year through November but have climbed back from being down as much as 63% for the year in May.
Despegar reported third-quarter earnings in November that showed an enormous but not surprising decline in business activity on a year-over-year basis. Gross bookings -- the total amount of travel spent on the platform -- were down 86% year over year but more than tripled sequentially from the second quarter.
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Why Despegar Soared 62% in November