Groupon Shares Gain +7.8% On Piper Jaffray Analytics
Shares of Groupon (NASDAQ: GRPN) jumped nearly eight percent following an Outperform reiteration by Piper Jaffray.
Piper Jaffray analyst Gene Munster reported that his analysis on marketplace tracking deals confirms the increasing deal density. Munster remarked that this "moves the company closer to its goal of building the leading local deal marketplace. This is different than Groupon's historical push-email business, moving toward a pull model driven by consumer demand."
Groupon reported 200,000 deals in the March 14 quarter, a 60,000 number increase from the prior quarter. The analyst sees the number reaching 500,000 globally within three to four years. This suggests a 30 percent growth rate on the number of deals per year.
Shares of Groupon closed at $6.15 on Friday. The stock traded as high as $6.63, up 7.8 percent, Monday afternoon. Shares are currently trading at $6.50, up 5.69 percent.
Latest Ratings for GRPN
|Sep 2016||Loop Capital||Initiates Coverage on||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.