AP News

NYSE contacts Ellie Mae about stock movement

PLEASANTON, Calif. (AP) — Ellie Mae Inc., which provides software that streamlines mortgage originations, said Monday that it was contacted by the New York Stock Exchange as a result of "unusual market activity" involving its stock.

The Pleasanton, Calif.-based company said it informed the NYSE that its policy is to not comment on unusual market activity.

On Monday Ellie Mae shares tumbled 14 percent to $21.34 in morning trading, before rebounding later in the afternoon and climbing back to $23.53. By late afternoon, the company's trading volume was more than four times its daily average.

Over the past 52 weeks, Ellie Mae shares have traded between $4.80 and $30.40.

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