Jackson Hewitt Tax Service Inc. (NYSE:JTX) closed on $1.9 yesterday with total volume of almost 4 million 
shares. It is an 18-percent price jump since May 3, 2010, which put the company among the top market movers.
Though the JTX’s revenue and net income for 2009 are lower than the year before, Jackson Hewitt expects up to $214 million fiscal revenue for 2010, based on the preliminary tax filing results. However, the company is currently 14% down.
The short investors hope to profit from a decline in a stock by borrowing and selling JTX shares. Though if the stock continue to rise, they may be forced to buy the shares back even at a higher price.
Jackson Hewitt Tax Service Inc. is an industry leader providing full service individual federal and state income tax return preparation. Though the company had to reduce its full-time staff by 15%, the management believes it will lead to enhanced accountability and improved future results.
Traders can find additional information on JTX’s financials and its projects on the company’s website, which provides all the news on its business.
