Why Frank Zorrilla Likes Twitter As An Investment

Frank Zorrilla was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

Zor Capital Founder and Chief Investment Officer Frank Zorrilla discussed Twitter Inc (NYSE: TWTR) Friday on the show.

Zorrilla said that there were holders of Twitter stock still looking to sell and the shares had not yet reached a floor following its April 28 earnings release.

Discussing the company itself, Zorrilla said he liked Twitter and thought the Periscope service was “huge.”

When looking at Twitter from a longer-term time horizon, Zorrilla was bullish on the stock and felt it was suitable as a long-term holding.

“Not from a trading perspective but from an investment perspective,” said Zorrilla, “I would be looking to buy the shares close to $35 and just ‘put it in the books’ because I think it’s not going away and I think that a company this high-profile will make it happen at some point.”

In January of 2014, shares of Twitter closed at an all-time high of $69. Following the high, shares had tumbled lower and later collapsed from the $50 level in late April to the current level in the mid-$30’s.

Related link: Twitter Shares Crumble; Wall Street Reacts

Despite the decline in share value and investor concerns over earnings, Zorrilla felt the company would turn around.

Twitter Inc is up approximately 2 percent year to date and closed at $36.60 Friday, down 0.22 percent.

Listen to the show here: