Tempo Automation (NASDAQ:TMPO) stock is sliding on Friday after the stock saw a rally yesterday on analyst coverage.
That came from Northland Securities, which initiated its coverage of TMPO stock with an “outperform” rating. For the record, the consensus for TMPO is a “moderate buy” based on three analyst opinions.
To go along with that, the Northland Securities analyst also kicked off their coverage of TMPO stock with a $3 price target. That represents a 64.8% potential upside at the time of this writing. It also matches the analyst consensus price target for shares.
Why Is TMPO Stock Down Now?
The new coverage for TMPO stock came out on Thursday. At that time, shares got a boost, which saw them close out the day 3.4% higher. That was helped by heavy trading volume of some 7 million shares. For comparison, the company’s daily average trading volume is only about 307,000 shares.
As for why the stock is down today, it’s likely just a case of shares retreating after yesterday’s rally. The more extreme drop can also be attributed to TMPO being a penny stock. That means it’s more likely to face volatility.
TMPO stock is down 16.5% as of Friday morning.
Investors looking for all of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock coverage for Friday! A few examples include what’s happening with shares of Genius (NYSEMKT:GNS) and WiSA Technologies (NASDAQ:WISA) stock, as well as this morning’s biggest pre-market stock movers. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (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.