Heart Test (NASDAQ:HSCS) stock is taking off on Monday as investors react to a new rating and price target for the medical device company.
Ascendiant Capital is behind this move as the firm’s analysts initiate coverage of HSCS stock with a “buy” rating. To put that in perspective, the analysts’ consensus rating for the stock is “buy.” That’s based on three analysts’ opinions.
To go along with that rating, the Ascendiant Capital analysts have also set a price target of $3.30 for HSCS stock. That represents a 275% upside from the stock’s closing price on Friday. For comparison, the analysts’ consensus price prediction for HSCS shares is $5.50.
New Coverage Spurs HSCS Stock Movement Today
With Ascendiant Capital initiating coverage of HSCS stock, traders are taking notice of the shares. As a result, HSCS is seeing incredibly heavy trading today. As of this writing, more than 41 million shares of the stock have changed hands. For perspective, the company’s daily average trading volume is only about 39,000 shares.
Before investors dive into HSCS stock, they will note its penny price. The company’s stock only traded for 88 cents before today’s rally. Also, its market capitalization is just $17.368 million. Basically, it’s subject to volatility, which could help explain today’s gains.
HSCS stock is up 135.3% as of Monday morning.
Investors looking for more of the latest stock market news will want to keep reading!
We’ve got all of the hottest stock market news traders need to know about on Monday! That includes what’s going on with shares of SoFi (NASDAQ:SOFI), Baidu (NASDAQ:BIDU), and Philips (NYSE:PHG) stock. You can catch up on all that news at the links below!
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On the date of publication, William White 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.