Kardigan (NASDAQ:KARD) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Kardigan to a hold rating, adding to a recent wave of analyst coverage on the stock.
• Several firms remain more bullish: Leerink Partners, Jefferies, TD Cowen, and JPMorgan all initiated coverage with buy/outperform/overweight ratings, and the stock’s consensus rating is Moderate Buy with a $43.50 average price target.
• Kardigan shares opened at $21.02, while two directors each bought 1.25 million shares at $16.00 apiece, signaling notable insider confidence in the company.

Kardigan (NASDAQ:KARD - Get Free Report) was upgraded by equities researchers at Zacks Research to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Leerink Partners started coverage on shares of Kardigan in a report on Monday. They set an "outperform" rating and a $37.00 price objective for the company. Wall Street Zen raised shares of Kardigan to a "hold" rating in a report on Saturday, June 27th. Jefferies Financial Group initiated coverage on shares of Kardigan in a research report on Monday. They set a "buy" rating and a $40.00 target price for the company. TD Cowen assumed coverage on shares of Kardigan in a research note on Monday. They set a "buy" rating and a $46.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Kardigan in a report on Monday. They issued an "overweight" rating and a $51.00 price target 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, Kardigan currently has an average rating of "Moderate Buy" and an average price target of $43.50.

Kardigan Stock Performance

Shares of KARD opened at $21.02 on Wednesday. Kardigan has a 12-month low of $16.25 and a 12-month high of $27.00.

Insider Activity at Kardigan

In other news, Director Arch Venture Partners Xiii, Ll acquired 1,250,000 shares of the company's stock in a transaction on Monday, June 22nd. The stock was bought at an average cost of $16.00 per share, with a total value of $20,000,000.00. Following the completion of the purchase, the director directly owned 15,042,035 shares of the company's stock, valued at $240,672,560. This represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul L. Berns bought 1,250,000 shares of Kardigan stock in a transaction dated Monday, June 22nd. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $20,000,000.00. Following the purchase, the director 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. The disclosure for this purchase is available in the SEC filing.

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