Nebius (NBIS) stock caught the attention of an analyst and investors on Thursday after the cloud computing and digital infrastructure services company secured $1 billion in convertible notes. The funds gained from this will be used to develop the company’s artificial intelligence (AI) capabilities.
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In addition to this, Nebius recently named Marc Boroditsky as its new Chief Revenue Officer. The company expects his leadership experience to help it with global expansion plans. He helped Twilio (TWLO) sextuple its paying customers and increase revenue more than tenfold over a five-year period.
All of this positive news resulted in updated analyst coverage of NBIS stock. Arete analyst Andrew Beale initiated coverage of the company with a Buy rating and an $84 price target, suggesting a 74.67% upside for the shares. The analyst also highlighted Nebius as his preferred pick over CoreWeave (CRWV), which he rated Neutral with a $130 price target, due to its relatively low valuation.
NBIS Stock Movement Today
All of the attention on Nebius stock has resulted in strong movement on Thursday. Shares of NBIS were up 19.95%, extending a 73.25% year-to-date rally. The company’s stock has also soared 107.97% over the past 12 months.
Retail traders have also taken note of NBIS stock today with heavy trading of the shares. This saw some 28.32 million units traded, compared to a three-month daily average of about 9.99 million.
Is Nebius Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Nebius is Strong Buy, based on three Buy ratings over the past three months. With that comes an average NBIS stock price target of $52.33, representing a potential 10.31% upside for the shares. This rating and price target don’t include the new Arete coverage.
