The shares of Xometry Inc (NASDAQ: XMTR) rose almost 14% on Friday, after Wedbush Securities began coverage of the stock with an “Outperform” rating.
Wedbush analysts noted that Xometry Inc was “well-positioned” to capture market share within the global custom manufacturing industry, with a multi-year runway of relatively high growth compared to digital marketplace competitors.
Wedbush has also assigned a 12-month price target of $48 on the stock.
Stock Performance
The shares of Xometry Inc (XMTR) closed 13.85% ($5.07) higher at $41.67 on Nasdaq on Friday, as they snapped a two-day streak of losses.
It has been the highest closing price for the stock since December 6th 2022.
The company’s total market cap now stands at $2.065 billion.
The shares of Xometry Inc (XMTR) went up 11.42% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 16.04% so far this year.
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