Shares of Net Element Inc. (NASDAQ: NETE), an e-commerce
company, rallied over 63% Tuesday after SeeThru Equity, an independent equity
research firm, initiated coverage on the stock. The shares of the company experienced a strong upward share price momentum after climbing more than 50% during each of the past two consecutive trading days with significant number of shares exchanging hands. In the last trading session, NETE was the top performer in the U.S. consumer discretionary sector having gained 62.8% breaking the short term 30-day and 50-day DMA’s at $1.81 & $1.92 respectively. The stock ended yesterday at $2.36 while recording huge volumes of 4.7 million shares. During the last 5-trading sessions, NETE gained 110% with 5-day average trading volumes of 1.1 million shares, while the stock accumulated over 28% during the past one month with daily average trading volumes of 217,023 shares.
Coverage on NETE was initiated at SeeThru Equity with a 12-month price target of $3.27, indicating an implied upside of 38.5% from current levels. The rating firm notes that NETE has strong growth potential over the next 2-3 years as merchants and consumers continue to shift to a cashless environment and the company is likely to emerge as a leader in mobile payments, value-added services and technologies.
Company Description:
Net Element Inc. (NASDAQ: NETE) is a technology group in mobile commerce and payment processing, as well as in entertainment and culture Internet destinations in Russia and other emerging markets. NETE owns and operates a mobile-commerce company as well as several Internet properties that create social and business communities in the entertainment, music, motorsports, and film industries.
1-Year Stock Chart:
Source: Bloomberg
