Akamai Technologies Stock Sees Fresh Analyst Coverage

There's room for increased optimism amongst the brokerage bunch

Assistant Editor
Dec 29, 2021 at 9:23 AM
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Akamai Technologies, Inc. (NASDAQ:AKAM) received fresh analyst coverage late last night, with D.A. Davidson rating the web content services provider a "buy." The firm called Akamai the "best kept secret in security," and hit it with a price target of $143 -- a 20.7% premium to last night's close. At last check, the security is up 0.5% at $119.05.

On the charts, AKAM has been moving higher since its mid October lows. Recent pullbacks have been captured by the 40-day moving average, which has helped the equity add around 6% in the last month. Year-to-date, the shares have tacked on 12.8%.

Coming into today, six of the 14 analysts in coverage considered the equity a "hold" or worse. This leaves plenty of room for these analysts to change their tune, which could put additional wind at Akamai Technologies stock's back.

Short sellers have piled on the security in the last month, with short interest up 24.2% in the two most recent reporting periods. The 11.83 million shares sold short account for 7.4% of the stock's available float, and would take nearly nine days to cover at AKAM's average pace of daily trading.

Meanwhile, the options pits are firmly in the bullish camp. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Akamai Technologies stock's 10-day call/put volume ratio of 4.89 stands higher than 99% of readings from the past year. This means calls have been getting picked up at a much quicker-than-usual clip.

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