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By Reuters Staff
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(Reuters) - Shares of Lizhi Inc rose as much as 45% on Tuesday, as short-seller Citron Research set a price target of $30 for the Chinese audio mobile app developer.
The price target represented an upside of over 184% to the stock’s closing price on Monday. Lizhi’s shares were up 27.5% at $13.44.
Lizhi is a cross-section of social media app Clubhouse and gaming firm Roblox Corp. Its audio-based social platform Tiya has now expanded into dating, Citron said, pointing its Twitter followers to a video supposedly demonstrating the new feature.
Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri
Shares of China’s leading audio live-streaming company
Lizhi Inc – ADR (NASDAQ:LIZI) traded higher by 30% on Tuesday after Citron Research editor Andrew Left said he likes the stock.
What Happened? In a pair of new tweets, Left called Lizhi a “cross-section of Clubhouse, Roblox and NOW dating” and set a $30 price target for the stock.
Left linked to this YouTube video demonstrating how the company’s “focus on games has expanded into dating.”
Why It’s Important: Left said Lizhi compares extremely favorably to competitor
Yalla Group Ltd – ADR (NYSE:YALA) from a valuation perspective. Yala shares also traded higher by 16.2% on Tuesday.
Lizhi shares soar as Citron expects stock to nearly triple reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.