Why did Verb Technology skyrocket 36% in one week?
The stock also soared 135% in the last one month, thanks to a trio of updates.
- Verb Technology Company Inc (NASDAQ: VERB) share price closed 9% lower on Friday (16 July 2021)
- Nevertheless, the stock still managed to rally 36% last week after announcing a new partnership with Market America Worldwide SHOP.COM
- The video-based sales technology company also released its Microsoft Outlook-based tool, verbMAIL, commercially a day earlier
- Analysts from Ascendiant recently initiated coverage on VERB with a 'buy' rating and US$4 price target
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VERB stock price: What's the latest?
Verb Technology shares burgeoned 36% last week, as investors stayed bullish on the software technology stock despite a weakening economic outlook.
In the last one month, VERB’s share price has exploded 135%, driven by a new partnership, product release and analyst report.
Verb, which uses interactive video-based sales enablement technology and application to help businesses engage their customers, announced last Wednesday (14 July) that it has teamed up with e-commerce company Market America Worldwide SHOP.COM to launch a new live shopping application called SHOP LIVE.
SHOP LIVE, which is powered by verbLIVE - Verb’s proprietary interactive livestream e-commerce app, is described as a ‘customized, interactive and live-streaming channel unique to each of Market America Worldwide’s global distributors, known as UnFranchise® Owners (UFOs)’.
SHOP LIVE will allow each UFO to hold their own live broadcast, where they can talk about, demonstrate and sell products to their customers at any time and from any place.
Prior to this - a day earlier, Verb also announced the general commercial release of verbMAIL, an interactive video sales tool that is embedded into and available on Microsoft Outlook.
How do analysts view the stock?
Going further back, Ascendiant analyst Edward Woo on 29 June 2021 initiated coverage on Verb Technology with a 'buy' call and US$4 price target.
Woo said in his note that he expects 'strong growth over the next year to be positive for stock'.
The latest analyst sentiments published by MarketBeat show a consensus rating of 'buy' and price target of US$3.38 on Verb.
The price target represents a 3.4% upside potential from the stock's latest price of US$2.56.
On Friday (16 July), Verb shares closed nearly 9% lower after panic selling emerged in the latter half of the day, caused by an uncertain outlook on the back of lower readings from the University of Michigan's consumer sentiment and current conditions index.
Sentiment remained suppressed this week, with the stock opening 10.3% lower on Monday (19 July).
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