Shares of education technology firm Instructure Holdings Inc ( INST ) are trading higher Tuesday on above-average volume despite a lack of company-specific news. Here’s a look at what’s going on.

What To Know: Instructure Holdings ( INST ) shares were up more than 6% at one point Tuesday afternoon, adding to gains of nearly 24% over the last month. The stock began moving higher in early May after the company reported first-quarter financial results and issued upbeat guidance for the second quarter.

The momentum picked up in mid-May after Reuters reported that private equity firm Thoma Bravo was exploring a sale of the company.

Thoma Bravo took Instructure ( INST ) private in 2020 for $2 billion. The private equity firm then returned Instructure ( INST ) to public markets a year later via an initial public offering at $20 per share. Instructure ( INST ) shares have underperformed the S&P 500 significantly since that time. Thoma Bravo currently owns 83% of Instructure Holdings ( INST ).

Instructure CFO Peter Walker also spoke at the Baird Global Consumer, Technology & Services Conference last week and provided medium-term financial targets, which could be adding fuel to some of the recent momentum.

Walker reportedly said the company’s Core Products are expected to grow between 5% and 10% annually, while its Growth Products are expected to grow at a clip of 10% to 15%. Overall organic growth is projected at 9% to 11% over the medium-term.

Instructure Holdings’ average session volume is about 290,000, according to Benzinga Pro. Tuesday’s session volume had exceeded 1 million at the time of writing.

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INST Price Action: Instructure ( INST ) shares closed 4.6% higher at $23.86 on Tuesday, per Benzinga Pro.