A move above $3.86 would be a bullish technical accomplishment. $3.50 showed itself as resistence in Nov and Dec. This move might mean $3.50 is now support. That doesn't mean RENN is off to the super races. RENN is simply not fairly valued at this low price.
Remember this consistent message from WS concerning RENN: There will be no premium for the fact they have cash. RENN has been relegated to a nonexistent P/E because they do not make money(negative earnings). RENN has remained essentially flat while FB recovered a 25% gain so there is no tether for sector relation.
RENN is doing no harm with this little burst. The PPS continues to stay in a tight range. It would take a break above $3.86 to even raise an eyebrow. It seems real RENN excitement continues to be well down the road and specifically on an earnings date.
We need any clue whatsoever as to the amount. But if RENN would ever follow-through with a significant repurchase, that would be a great sign that they have confidence in creating free cash flow - in the not too distant future.