Par Pacific (PARR) Soars 5.45% on Golden Cross, Investor Buying

Par Pacific (PARR) surged 5.45% today, marking its second consecutive day of gains, with a total increase of 10.64% over the past two days. The share price reached its highest level since August 2024, with an intraday gain of 6.52%.

The strategy of buying PARR shares after they reach a recent high and holding for 1 week resulted in poor performance over the past five years. The strategy's return was -0.43%, significantly underperforming the benchmark return of 56.28%. The excess return was -56.70%, and the CAGR was -0.18%. The strategy had a maximum drawdown of -70.20% and a Sharpe ratio of 0.00, indicating high risk and negative returns.

Par Pacific recently experienced a "golden cross" event, where its 50-day simple moving average broke out above its 200-day simple moving average. This technical indicator often suggests bullish momentum, which can lead to increased investor interest and upward price movement. This event has likely contributed to the recent positive sentiment surrounding the stock.

Harbor Capital Advisors Inc. purchased 14,039 shares of Par Pacific Holdings, Inc. This acquisition may signify confidence in the company's performance and prospects, further boosting investor optimism and contributing to the stock's upward trajectory. The purchase by a notable investor can often be seen as a vote of confidence in the company's future prospects, encouraging other investors to follow suit.