Why Xometry Shares Are Rising

Xometry Inc XMTR shares are trading higher by 4.7% at $47.74 after RBC Capital maintained an Outperform rating on the stock and raised its price target from $53 to $58.

Xometry Wednesday announced the acquisition of Thomas, a leader in product sourcing, supplier selection and digital marketing solutions. Xometry says the cash and stock transaction, valued at $300 million, is expected to close this week. 

Xometry added that the acquisition of Thomas is expected to rapidly expand Xometry's buyer and seller base, significantly enhancing Xometry's global digital marketplace for manufacturers.

Xometry also expects to leverage Thomas' marketing and data services to deliver an unmatched suite of end-to-end services for sellers with additional fintech and digital marketing products.

See Also: Dan Ives Breaks Down Apple's Valuation: 'We Could See This Ultimately At $3.5T'

Xometry is an on-demand industrial parts marketplace based in Derwood, Maryland.

Xometry has a 52-week high of $97.57 and a 52-week low of $40.71.