TRUP - Why Trupanion Stock Jumped 31.8% in October
Shares of Trupanion (NASDAQ: TRUP) soared 31.8% in October, according to data from S&P Global Market Intelligence . The pet insurance provider got upgrades from multiple stock analysts in the month, which was likely the main reason for the stock jump. Building on this momentum, Trupanion just released its third-quarter earnings results, beating expectations for the period, which has sent its stock even higher in November.
Not much news came from Trupanion itself in October, but Wall Street put out some bullish notes on the company. On Oct. 6, Piper Sandler put Trupanion as overweight (which means buy) with a price target of $110. On Oct. 18, Bank of America rated Trupanion stock as a buy, with a price target of $112. At the time, Trupanion's stock was well below these levels, so it is likely that investors decided to buy after these analyst upgrades. Currently, Trupanion trades at approximately $115 a share.
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Why Trupanion Stock Jumped 31.8% in October