FVRR - Why did Fiverr stock soar on Monday?
Fiverr International (FVRR +5.7%) flew higher on Monday as the market rebounded from Friday’s fierce selloff. The broader sentiment shift appears to be the culprit for the turnaround, bolstered by a technical rationale given the stock slumped into oversold territory on key indicators like the Relative Strength Index to close last week’s trading. Shares popped over 5% on Monday. The reversal in fortune for stock also moved against a less-than-optimistic research note published by MKM Partners analyst Rohit Kulkarni. Kulkarni cut his price target for the stock from $90 to $68 while maintaining a Neutral rating. His more tepid take on the road ahead for the stock adds to a recent target cut from Piper Sandler, which slashed its target to $80 from $100 on Friday. Both price targets still represent significant upside from the present share price. Also, each of those targets are still well below the Street average
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Why did Fiverr stock soar on Monday?