Here's Why Riskified Stock Soared Today
Shares e-commerce technology company Riskified (NYSE: RSKD) jumped on Monday morning after one prominent analyst shared some more upbeat commentary on the current state of the business. As of 11 a.m. ET, Riskified stock was up 8%, but it had been up 11% earlier in the session.
Goldman Sachs analyst Will Nance is sounding more upbeat about Riskified's prospects in 2023. According to The Fly, Nance now has a neutral rating on Riskified stock compared to his previous sell rating. However, his commentary sounds far more bullish than his price target of $5 per share would have you believe.
Through the first three quarters of 2022, Riskified's revenue is only up 14% from the same period of 2021. That's a sharp dropoff from its 35% year-over-year revenue growth in 2021. However, according to today's commentary from Nance, this might be the low point in Riskified's growth, with bigger gains coming in 2023.
Source Fool.com
