3D Systems Corporation (NYSE:DDD) stock started off strong on Monday before dropping back to normal levels.
The cause for the jump in price for 3D Systems Corporation stock has to do with an analyst upgrade from Piper Jaffray. The firm upgraded its rating for DDD stock from “Sell” to “Neutral.” This resulted in the stock climbing 10% Monday morning.
While the upgrade was good news for DDD stock, there was one part of it that is the cause for its decline back to normal levels. This is Piper Jaffray’s price target for the stock. Piper Jaffray has a price target of $6.25 per share for the stock, which is unchanged despite its rating upgrade. DDD stock was sitting at $8.34 when the markets closed on Friday.
Another bit of depressing news for DDD stock in Piper Jaffray’s recent update are warnings about rivals. These rivals include Stratasys, Ltd. (NASDAQ:SSYS) and HP Inc (NYSE:HPQ). These other companies could give 3D Systems Corporation trouble in the near future, reports The Motley Fool.
3D Systems Corporation last reported earnings on Oct. 31, 2017. The company’s third-quarter report fell below expectations with losses per share of 20 cents on revenue of $152.9 million. Wall Street was looking for the company to report earnings per share of 12 cents on revenue of $162.5 million for the third quarter of the year.
DDD stock started off on Monday up 6% before peaking at 10%. However, the stock is now only slightly up as of Monday afternoon. DDD stock is also down 32% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
