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.

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NETE Chart NETE data by YCharts

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