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Why Did Ironsource Jump 72% in the Pre-Market Session Today?

Israel-based software firm Ironsource Ltd. (NYSE: IS) was trading almost 72% up, at the time of writing, in the pre-market session on Wednesday following the news that it is merging with San Francisco-based video game software development company Unity Software, Inc. (NYSE: U).

On July 12, the company’s stock was down about 70% year-to-date, and over 80% off its all-time highs.

The merger will include a stock transaction, after the completion of which three people will represent Ironsource on the merged company’s board, a report published by CTech said.

Founded in 2010, Ironsource was listed on the New York Stock Exchange through a SPAC merger last year. The Tel Aviv-based company is engaged in developing technologies for the monetization and distribution of apps.

Analyst Opinion on Ironsource

A couple of days ago, Deutsche Bank (NYSE: DB) analyst Bhavin Shah maintained a Buy rating on the stock and lowered the price target to $5 from $6 (124.2% upside potential)

In a research note to investors, the analyst said that he expects the company’s second-quarter results to come in line with expectations, given the “continued slowdown in engagement, particularly within the gaming and hypercasual gaming.”

The company is scheduled to release its second-quarter results on August 10. The Street’s earnings estimate stands at $0.03 per share, higher than the year-ago EPS of $0.01 per share.

On TipRanks, the stock has a Strong Buy consensus rating based on 11 Buys and one Hold. Ironsource’s average price target of $5.75 implies almost 158% upside potential from current levels.

Hedge Funds & Investors Very Positive about Ironsource

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Ironsource is currently Very Positive, as the cumulative change in holdings across all nine hedge funds that were active in the last quarter was an increase of 11.5 million shares.

Additionally, TipRanks’ Stock Investors tool shows that investors also have a Very Positive stance on the company, with 7.6% of investors on TipRanks increasing their exposure to the stock over the past 30 days.

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