Shares of Verb Technology (NASDAQ:VERB) stock are taking off on Wednesday due to some big news pushing the ticker higher.
Before we get into that, investors on and off Wall Street may not know much about Verb Technology. So, let’s examine the firm a little closer.
According to the company’s website, this Utah-based firm is set to be a “market leader in interactive video-based customer relationship management (“CRM”) sales and marketing applications.” It provides sales organizations with services such as CRM lead generation and video marketing software applications across 60 countries and 48 languages.
The rise in VERB stock comes after Ascendiant Capital analyst Edward Woo began his coverage the ticker on Monday. And he started it off with a bang with a “Buy” rating on shares of the stock.
Additionally, Woo also mentioned a price target for VERB stock at $4 per share. In turn, this would mean upside of 203% from $1.32 when the report was published, and an 86% gain from current levels.
With all of that in mind, Woo also provides some reasoning behind his initial coverage of VERB stock. This includes “strong growth potential for its Software-as-a-Service (SaaS) enterprise platform for video e-commerce and CRM. [Ascendiant Capital] expect strong growth over the next year to be positive for stock.”
VERB stock was up more than 35% as of Wednesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.