Investors in Groupon GRPN are taking profits Monday morning following a 23 percent surge on Friday. The stock is down nearly 8 percent to $4.32 at last check.
After pushing over resistance at $4 on Friday, Groupon shares edged toward the $4.25 level. Upon breaching this technical level, the stock charged over $3.50 and closed the trading week at $4.69.
Evercore Partners' Ken Sena issued a note earlier which called the stock's sharp move higher on Friday likely unfounded. Sena offered the speculation on Friday was related to CEO Andrew Mason cancelling a public appearance.
Sena believes Google is probably not interested in Groupon as Google is focusing on a "network effect." The analyst also noted the recent accelerating pace of daily deal deterioration.
Evercore maintains an Underweight rating and $3 price target on shares of Groupon
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in