Chinese content related e-commerce firm and one of the best known digital media platform operator Glory Star New Media (NASDAQ:GSMG) drew the attention of many investors yesterday. The Glory Star New Media soared by as much as 12.50% yesterday as investors piled on to it following an announcement by the company with regards to a favourable analyst report.
The company revealed that its Univest Securities started covering the Glory Star New Media stock and classified the stock as a ‘buy’. More importantly, the target price for the stock was set at $6.50 a share, which represents a considerable upside from present levels.
In this regard, it is necessary to note that the Director of Research of Univest Securities James Land had actually written the report about the company. In the press release sent out by the company yesterday, a copy of the report was also uploaded by Glory Star New Media. However, that was not all.
Despite making the announcement about the bullish call, the company was also cautious enough to point out that the report did not represent the forecasts of estimates of Glory Star New Media. It now remains to be seen if the stock can continue to display momentum and record further gains.
Market Reaction:
On Thursday, GSMG stock soared 12.56% at $2.33 with more than 2.12 million shares, compared to its average volume of 235k shares. The stock had moved within a range of $2.2200 – 2.7100 after opening the trade at $2.31. Over the past 52-week, the stock has been trading within a range of $1.9800 – 4.8600.
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