MNTV - Why Momentive Global Stock Soared Today
Shares of Momentive Global (NASDAQ: MNTV) -- formerly SurveyMonkey -- soared on Wednesday after unconfirmed rumors of a buyout started circulating. As of 3 p.m. ET, Momentive stock was up 19%.
According to a Bloomberg article citing "people familiar with the matter," somebody may be interested in buying out Momentive. Down more than 70% from its all-time high and trading at a price-to-sales ratio of less than two, the potential buyer likely believes Momentive stock is undervalued at these prices.
It's been a rough year for Momentive shareholders specifically because of attempted buyouts. In February, Zendesk scrapped its plan to acquire Momentive after it was rejected by Zendesk's shareholders. This was particularly painful for Momentive considering it had reportedly turned down competing offers from private equity to pursue the deal with Zendesk.
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Why Momentive Global Stock Soared Today