Groupon Inc. (NASDAQ:GRPN) On Right Track
Groupon Inc. (NASDAQ:GRPN) and other companies that offers a great value deal on a range of merchandizes and well connects merchants to consumers, have well established their presence among local commerce marketplace as well as ecommerce marketplace. The stock is up 140% year to day and its previous closing of $11.65 denotes 175% upside from its 52 week low of $4.24.
In its most recent research note, Northland Capital Markets initiated an “outperform” rating for the stock of Groupon Inc. (NASDAQ:GRPN) with a price objective of $13. With highest price target of $16, consensus price target is of $11.82 which in turn did not suggest any significant upside for the stock. Moreover RSI value of 73.13 also denotes that the stock is trading in an overbought territory.
Of the 23 analysts following the stock, 2 maintain ‘strong buy’ rating; 6 maintain ‘buy’ rating; 14 maintain ‘hold’ rating; and one analyst maintains ‘underperform’ rating on Groupon Inc. (NASDAQ:GRPN).
The Street contributor Jonas Elmerraji identified ‘outperform’ rating as the catalyst for the stock of Groupon Inc. (NASDAQ:GRPN) with $11 being the nearest support and $12.50 being the nearest resistance level. Elmerraji recommends a price surge beyond $12.50 as a ‘strong buy’ for the stock, from the technical perspective.
Recently Groupon Inc. (NASDAQ:GRPN) also announced to partner with Borderlinx Global e-Commerce Solutions which will allow the former’s Canadian customers to purchase a broader selection of Groupon Goods deals available in the U.S. and ship them to Canada with latter’s secure and reliable cross-border trade solutions.
In other notable move Groupon Inc. (NASDAQ:GRPN) also announced the launch of two new gifting solutions which will allow local businesses to offer competing gift deals to last minute consumers and thus a chance to make their offers comparable to that of national retailers like Wal-Mart Stores, Inc. (NYSE:WMT) or Costco Wholesale Corporation (NASDAQ:COST) among others.