The Temple & Webster Group Ltd (ASX: TPW) share price is seemingly recovering from a poor week’s performance today.
Before today’s gains, it had slipped 8.5% since this time last week.
Right now, the Temple & Webster share price is 3.23% higher than its previous close. Shares in the online retailer are currently trading for $13.12 a piece.
So, what’s spurring today’s gains? Let’s take a look at what Temple & Webster has been up to lately.
Temple & Webster’s woes
The Temple & Webster share price is in the green today after a disastrous week’s trade for the online furniture and homewares retailer.
Interestingly, the company’s fall followed a period of grace in which it gained 13.4% on the back of its financial year 2021 earnings.
Temple & Webster reported $14 million of profits after tax and an 85% increase in its revenue compared to that of the prior period. It also provided an exceptionally positive outlook, which no doubt boosted the market’s spirits.
The market reacted positively to the company’s results, boosting its share price 10.5% higher on the day of their release and another 2.5% the following day.
However, in a seemingly dramatic correction, the Temple & Webster share price returned all its between then and yesterday’s close despite no news being released by the company.
Though, Australian Securities and Investments Commission (ASIC) data revealed around 5.8% of the company’s shares were reported as in short positions last week.
Luckily, today seems to be a brighter one for Temple & Webster on the ASX.
Temple & Webster share price snapshot
Despite their recent dip, Temple & Webster’s shares have been performing well on the ASX lately.
It is currently 11% higher than it was at the start of 2021. It has also gained 40% since this time last year.
At its current share price, the company has a market capitalisation of around $1.5 billion