Why E2open Stock Gained Today

E2open Parent Holdings, Inc. ETWO shares are trading higher on Thursday on a rebound after the stock dipped earlier in the week.

What To Know: E2open shares saw a strong selloff on Wednesday following the release of the company's second-quarter earnings report after the market close on Tuesday.

The company posted quarterly earnings of four cents per share which missed the analyst consensus estimate of five cents, and quarterly sales of $157.70 million which missed the analyst consensus estimate of $159.66 million.

However, shares rebounded on Thursday on unusually high volume. According to data from Benzinga Pro, the stock experienced above-average trading volume of 16.70 million shares compared to its average volume of 1.68 million.

Also on Thursday, the company's price target was lowered by two analysts. Redburn Atlantic analyst Alex Haissl downgraded E2open from Buy to Neutral and lowered the price target from $8.50 to $4. Goldman Sachs analyst Adam Hotchkiss maintained E2open with a Neutral and lowered the price target from $6 to $3.50.

Related Link: Why Broadcom And Vmware Stocks Are Moving Today

ETWO Price Action: Shares of ETWO were up 13.8% at $2.49 at the time of publication, according to Benzinga Pro.

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