Penny Stock Expected to Pop 75%

Identiv stock is beloved among Wall Street analysts

May 17, 2019 at 2:02 PM
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Shares of cybersecurity concern Identiv Inc (NASDAQ:INVE) are higher this afternoon, after analysts at Imperial Capital initiated coverage with an "outperform" endorsement. In addition, the brokerage firm set an $8.75 price target -- representing about 75% upside from Thursday's close of $4.98, and territory INVE hasn't charted in four years.

INVE stock skyrocketed to start the year, nearly doubling from its Dec. 26 low of $3.34 to its March high of $6.38. Since then, however, the equity has been relatively range-bound, trading between support at its 320-day moving average and resistance around $5.70. At last check, the equity was up 4.6% to trade at $5.21.

INVE stock chart may 17

However, Identiv is no stranger to upbeat analyst attention. In fact, all five of the brokerage firms following the shares already sport "strong buy" opinions. Plus, the consensus 12-month price target of $9 represents a premium of 73% to the equity's current perch.

Should the equity finally break out of its recent range, though, a short squeeze could add fuel to INVE's fire. Short interest represents nearly a week's worth of pent-up buying demand, at the stock's average pace of trading.


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