Shares Of Datadog Are Rising Up: This Is Why

Datadog, Inc. DDOG shares are trading higher by 8.65% to $101 Wednesday afternoon after Bernstein initiated coverage on the stock with an Outperform rating and a $172 price target.

The stock's movement coud also be related to overall market strength and as stocks across sectors gain amid earnings optimism.

Market indexes were higher Wednesday amid the start of the earnings season. Recent earnings reports from large US companies such as Goldman Sachs GS and Netflix NFLX have provided some market relief despite broader macroeconomic concerns and fears of aggressive Fed policy.

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According to data from Benzinga Pro, Datadog, Inc. has a 52-week high of $199.67 and a 52-week low of $81.12.