Kardigan, Inc.'s (NASDAQ:KARD) Quiet Period To End on July 28th

Key Points

• Kardigan’s quiet period ends July 28, which means IPO underwriters and insiders will no longer be restricted from issuing research reports or earnings estimates. Analysts are expected to begin or expand coverage after the restriction lifts.
• Several analysts have already been bullish on the stock, with four Buy ratings and one Hold so far. MarketBeat shows a consensus rating of Moderate Buy and an average price target of $43.50.
• The stock was trading at $21.40 on Tuesday, above its IPO price of $16.00. The article also notes two insider purchases of 1.25 million shares each at $16.00 per share shortly after the IPO.

Kardigan's (NASDAQ:KARD - Get Free Report) quiet period is set to expire on Tuesday, July 28th. Kardigan had issued 25,000,000 shares in its initial public offering on June 18th. The total size of the offering was $400,000,000 based on an initial share price of $16.00. During the company's quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company's quiet period, it's expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Ratings Changes

A number of equities research analysts have commented on KARD shares. TD Cowen started coverage on Kardigan in a research report on Monday, July 13th. They issued a "buy" rating and a $46.00 price target on the stock. Wall Street Zen raised Kardigan to a "hold" rating in a research note on Saturday, June 27th. Jefferies Financial Group began coverage on Kardigan in a research report on Monday, July 13th. They set a "buy" rating and a $40.00 price objective for the company. Zacks Research raised Kardigan to a "hold" rating in a research note on Wednesday, July 15th. Finally, Leerink Partners began coverage on Kardigan in a report on Monday, July 13th. They issued an "outperform" rating and a $37.00 target price on the stock. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Kardigan Trading Up 1.3%

Shares of KARD opened at $21.40 on Tuesday. Kardigan has a one year low of $16.25 and a one year high of $27.00.

Insider Activity at Kardigan

In other news, Director Paul L. Berns purchased 1,250,000 shares of the business's stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $16.00 per share, for a total transaction of $20,000,000.00. Following the completion of the acquisition, the director owned 15,042,035 shares in the company, valued at approximately $240,672,560. The trade was a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of Kardigan stock in a transaction on Monday, June 22nd. The stock was purchased at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following the purchase, the director directly owned 15,042,035 shares of the company's stock, valued at approximately $240,672,560. This trade represents a 9.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

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