Why Net Element (NETE) Stock Is Surging Today

NEW YORK (TheStreet) -- Net Element  (NETE) 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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

NETE Chart 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.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Global Stocks Edge Cautiously Higher; Saudi Tensions, China Weakness, Cap Gains

Global Stocks Edge Cautiously Higher; Saudi Tensions, China Weakness, Cap Gains

Market of the Week: Euro FX

Market of the Week: Euro FX

How to Be a Tactical Investor in the Current Market

How to Be a Tactical Investor in the Current Market

Stocks Slip on Saudi Tensions, Trade Woes; Sears Goes Bankrupt

Stocks Slip on Saudi Tensions, Trade Woes; Sears Goes Bankrupt

Why Netflix Will Have a Good Earnings Report This Week

Why Netflix Will Have a Good Earnings Report This Week