Investors piled into Twitter Inc for the second straight day, lifting its shares to more than $52 and setting a new intraday high on Tuesday even in the absence of any significant announcements from the social media debutante.<\/p>\n
Shares of Twitter were up 6 percent to $52.20 on Tuesday afternoon after a frenzied trading session on Monday, when Twitter closed up nearly 10 percent, its biggest gain ever.<\/p>\n
Since the loss-making San Francisco-based firm held its closely watched initial public offering last month, its fans on Wall Street have strained to reinforce the bull case for a stock priced at increasingly inflated multiples compared to social media peers like Facebook Inc and LinkedIn Corp.<\/p>\n
Twitter has released a spate of management news and product updates since its IPO, but some announcements, such as the official roll-out of a lucrative, cookie-based ad targeting technology called “targeted audiences,” have been preceded for months by prior announcements.<\/p>\n
In a research note on Friday, Evercore analyst Ken Sena said “targeted audiences” has been publicly in the works but raised his price target anyway from $43 to $52 because the deployment of the technology “might not be as costly as we originally modeled.”<\/p>\n
Twitter which went public on the New York Stock Exchange on November 7, is now trading at roughly double its IPO price of $26 a share with an implied valuation of more than $26 billion on just $168.6 million in revenue in the third quarter.<\/p>\n
The San Francisco-based firm touched its previous intraday high of $50.09 on the day of its IPO.<\/p>\n
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