Why Riskified Stock Popped This Morning
Shares of e-commerce software company Riskified (NYSE: RSKD) popped on Friday, even though the stock market was slumping, after receiving a big upgrade from a prominent analyst. As of 9:45 a.m. ET, Riskified stock was up about 10% but it had been up as much as 14%.
Last week, Riskified's team met with analysts from Piper Sandler, according to The Fly. Today, Piper Sandler analyst Brent Bracelin said he believes Riskified stock is worth buying, according to TipRanks, giving it a price target of $8 per share. This implies over 30% additional upside from here.
Through its software, Riskified attempts to approve more transactions for its e-commerce customers while simultaneously reducing fraud. The stock has fallen since it went public in 2021 because some investors question how effective the software is. But Bracelin is apparently more optimistic about the company's progress.
Source Fool.com
