Xometry surges 14% as Wedbush begins coverage with “Outperform” rating

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: December 23, 2024

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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