The stock market was having a so-so day on Wednesday, with the S&P 500 index hovering near the flatline for much of the trading day. However, holding company Boston Omaha Corporation (NASDAQ: BOMN) was a big standout, with shares rallying by almost 10% to a fresh, all-time high.
There isn't any company-specific news, but the most likely explanation for today's move is that yesterday was the day when institutional investors (hedge funds, mutual funds , etc.) had to report their holdings to the U.S. Securities and Exchange Commission (SEC). To make a long story short, it appears that the big players were net buyers of Boston Omaha in the fourth quarter.
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Why Did Boston Omaha Hit a New All-Time High on Wednesday?