Here’s why the Kogan share price jumped 7% today

The Kogan.com Ltd (ASX: KGN) share price was on form again on Wednesday.

The ecommerce company’s shares ended the day a sizeable 7% higher at $3.28.

This means the Kogan share price is now up almost 12% over the last two trading sessions.

Why is the Kogan share price on fire?

Investors have been buying Kogan’s shares over the last couple of sessions after investor sentiment improved strongly following stellar gains on Wall Street.

This has particularly been the case in the tech sector, where beaten down shares like Kogan have bounced back with some strong gains.

This has led to the S&P ASX All Technology index rising approximately 9% since Monday’s close.

Can Kogan keep rising?

Despite its recent gains, the Kogan share price is still down over 60% since the start of the year.

Unfortunately, I’m not aware of a broker that is tipping Kogan as a buy. However, it is worth noting that Credit Suisse sees decent upside for its shares with its neutral rating and $3.66 price target.

Conversely, the team at UBS appear to see its shares as fully valued at this point with its sell rating and $3.15 price target.

The post Here’s why the Kogan share price jumped 7% today appeared first on The Motley Fool Australia.

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More reading

• The Kogan share price has tumbled 18% in 2 weeks. Time to pounce?
• 2022 hasn’t been kind to Kogan shares. Here’s why I’m holding tight
• Why did the Kogan share price leap 5% on Friday?
• ASX better buy: Temple & Webster or Kogan shares?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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