NEW YORK (TheStreet) -- Net Element (NETE - Get Report) soared Tuesday after SeeThruEquity, an independent equity research firm, initiated coverage on the mobile payments company with a price target of $3.27 a share.
"We are excited about NETE's growth potential over the next 2-3 years," SeeThruEquity said in a research note. "As merchants and consumers continue to shift to a cashless environment, we see NETE as an emerging leader in mobile payments, value-added services and technologies."
The stock was up 51.28% to $2.19 at 11:39 a.m. More than 2.4 million shares had changed hands, which dwarfed the average volume of 35,327.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. NETE data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.