WIT is trading at $1.95 (4.3%) up today in a technical rebound following a sharp selloff triggered by a recent JPMorgan downgrade.
- Recent weakness was driven by JPMorgan cutting its rating to Underweight and lowering its price target to $1.70 from $2.20, which intensified selling in late June.
- Today's pre-market recovery is viewed as a corrective bounce after the downgrade-driven slide rather than a response to a fresh company-specific catalyst.