Vonage Holdings Corporation (NYSE: VG) was a recent huge winner on news that it was going to enter the apps market and would be available on iPhones and more. The shares have risen this week, but it seems muted to what we saw in August and September. This morning we have seen that Citigroup raised its price target to $1.50 from $0.50 despite maintaining a HOLD rating. The interest here is not that the stock is trading above that price already, but that it is the first real analyst call from a bulge bracket firm in ages.
That briefly took shares up over $2.00 in August and September. But the news of the launch of these apps this week did very little compared to the few days in September that this one rose over $2.00 intra-day. The only $2.00+ high close came on August 26 when it closed at $2.17.
It is not that this week’s gains are bad, but they are just very muted when you start to tally everything up compared to the recent past. Here are this week’s closes with volume compared to last week:
DATE VOLUME CLOSE
OCT 6 10,152,200 $1.44
OCT 5 32,800,000 $1.49
OCT 2 5,306,700 $1.32
This morning shares are up 8% at $1.56 on about 800,000 shares, above that $1.50 target, and the 52-week trading range is $0.31 to $2.63 and average volume is about 9 million shares based on the last six week’s crazy trading patterns.
JON C. OGG
OCTOBER 7, 2009
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.