Shares of E2Open (NYSE:ETWO) rocketed 22.24% at the time of writing following reports that Elliot Investment Management is weighing up moves for the supply-chain software company, including a takeover proposal.
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Elliott revealed a nearly 14% holding in E2Open in a 13D filing with the U.S. Securities and Exchange Commission on Monday, switching its position from passive to active. According to Elliot, E2open is undervalued, and the firm will work with the company’s board and management to maximize shareholder value and explore strategic opportunities to boost its business.
E2Open, which has a market cap of $823 million, has had a hard time with its business, with shares down 60% year-to-date. Last Wednesday, the ETWO stock plunged 50% after it slashed its earnings forecast and announced CEO Michael Farlakes’ exit.
What is the Target Price for ETWO?
Turning to Wall Street, analysts have a Hold consensus rating on ETWO stock based on zero Buys, five Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Furthermore, the average ETWO price target of $4.08 per share implies 36.23% upside potential.
