GoodRx Stock Jumps After Latest Bull Note

RBC upgraded the shares to "outperform" from "market perform"

Laura McCandless

Deputy Editor

May 23, 2024 at 10:34 AM

GDRX

GoodRx Holdings Inc (NASDAQ:GDRX) stock is on the rise today, after an upgrade from RBC to "outperform" from "market perform," with a price-target hike to $10 from $8. This is just the latest in a string of bull notes for the stock, as GDRX has received five price-target hikes since a Raymond James upgrade a week ago.

At last glance, GoodRx stock was up 2% at $7.35, earlier as high as $7.80. The equity has been trading choppily, with support at $6.50 as well as its 120-day moving average. Since the start of the year, GDRX is up 10.3%.

The stock's at-the-money (ATM) average implied volatility (IV) is today at its lowest point of the past year, pointing to low volatility expectations among traders. And GoodRx's typically quiet options pits are seeing double the intraday average volume, with the most activity at the June 7.50 call.

Meanwhile, though short interest has been unwinding, it still represents 10.8% of the stock's available float. It would take shorts over six days to cover their bets, at GDRX's average pace of trading.

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