Verb Technology (VERB) stock rocketed higher on Monday after the software-as-a-service (SaaS) company announced a $558 million private placement. The company intends to use the majority of the funds gained from this private placement to create a Toncoin (TON) treasury, making it the latest company to jump on the public crypto treasury trend.
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Verb Technology isn’t just betting on a crypto treasury as its side business, as many other companies have. Instead, the company is completely dedicated to becoming a Toncoin crypto treasury. As a result, it will change its name to TON Strategy Co., but will continue to expand its current SaaS operations.
Verb Technology Stock Movement Today
Verb Technology stock was up 60.25% during pre-market trading on Monday, following a 2.36% drop on Friday. The shares have also rallied 45.41% year-to-date but have decreased 32.89% over the past 12 months.
Today’s rally came with heavy trading, as some 4.6 million shares of VERB stock changed hands, compared to a three-month daily average of about 33,000 units.
Is Verb Technology Stock a Buy, Sell, or Hold?
Turning to Wall Street, only one analyst has covered Verb Technology stock over the past three months. Ascendiant analyst Edward Woo rates VERB stock a Buy with a $62 price target, representing a potential 551.95% upside for the shares.
