Courtesy of Benzinga.
Shutterfly (NASDAQ: SFLY) shares have jumped over 14 percent in pre-market action Wednesday, on rumors the company may seek a buyer for itself.
The company sells personalized greeting cards and similar products through its web-based catalog. Its current market capitalization is about $1.68 billion.
Rumors have circulated that Shutterfly will announce in seeking a buyer, it hired hired Qatalyst as a financial advisor.
Revenue plunged nearly 200 percent in Shutterfly's most recent quarter, when it swung to a net loss of $0.89 per share, versus year-earlier profits of $0.93.
Shutterfly changed hands recently at $49.70, up 14.23 percent, but still well below its 52-week high of $59.93.
