It looks like a large part of the positive movement comes from an Ex-dividend going out today. The company initially announced today as the planned date for its distribution in late August.
It’s also worth noting that QRTEA stock is soaring higher following an update from an analyst. Citi analyst Jason Bazinet set a new price target of $9 per share for the stock and maintained his buy rating, reports The Fly.
The new $9 per share price target is a 30.4% jump from the Citi analyst’s previous price target of $6.90. It’s also a 46.1% premium over the stock’s closing price of $6.16 per share on Tuesday.
So why is Bazinet taking such a bullish stance on Qurate Retail stock? The analyst updated his price target today due to the special dividend mentioned above. In his note, he says that he expects the stock to make up for that dividend over time.
QRTEA and QRTEB shares are seeing heavy trading on Thursday. 10 million shares of QRTEA and 1.9 million shares of QRTEB shares have moved as of this writing. For comparison, the average daily trading volume is 4.2 million shares for QRTEA and 1,601 for QRTEB stock.
QRTEA stock was up 10.2% and QRTEB stock was up 140% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.