Shares of Groupon (NASDAQ: GRN) are continuing to climb on Monday following last week’s fourth-quarter earnings report.
The eCommerce firm reported its fourth-quarter revenue at $343 million, with revenue for the full year 2020 at $1.4 billion. The company’s fourth-quarter non-GAAP net income was $15.1 million or $0.51 per share.
Both Q4 revenue and income beat analyst estimates, and the company ended the year with $851 million in cash.
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Following Friday’s 18% share price gain in reaction to Groupon’s earnings, its shares are climbing higher once more after JP Morgan upgraded the stock from Underweight to Neutral with a $48 price target.
JP Morgan analyst Douglas Anmuth said he expects Groupon’s growth to continue in Q2 with a more robust recovery in the second half of the year.
Anmuth stated that they are “encouraged by GRPN’s efforts here as it looks to build inventory and modernize the marketplace.”
Groupon’s stock is currently trading over 23% higher at $53.64 after closing Friday’s session at $43.40 per share.