Smartsheet Stock Headed for Best Day Ever

The software company reported strong first-quarter results

Deputy Editor
Jun 6, 2024 at 10:53 AM
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Shares of Smartsheet Inc (NYSE:SMAR) are soaring today, up 18.7% at $44.85 at last look, following the software name's better-than-expected first-quarter results. No fewer than 11 analysts raised their price targets after the event, while Needham reaffirmed its "buy" rating. 

Should SMAR remain above a 17.8% gain today, it will beat out its March 15, 2023 win for its largest single-day percentage gain ever. Jumping above the 320-day moving average, which rejected the stock's May rally, the stock is trading at its highest level since February.

Part of SMAR's bounce could be attributed to its "oversold" standing, per its relative strength index (RSI) of 23.2. Year to date, the equity is still down 6.5%. 

In the options pits, Smartsheet stock has already seen 16 times its overall average daily volume. The June 45 is the most active contract, and also happens to be the most popular open interest (OI) position. 

 

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