NEW YORK (The Deal) -- Shares of consumer review website Angie's List (ANGI - Get Report) traded 20% higher on Wednesday one day after rumors began to surface that the company is exploring a possible sale.

Industry analysts believe a sale would make sense and Angie's List could receive interest from home improvement retailers such as Lowe's  (LOW - Get Report) or Home Depot (HD - Get Report) , both of whom have been increasing their online presence in the last couple of years.

"We do believe this is possible due to industry interest as well as the company's execution issues," wrote B.Riley analyst Sameet Sinha in a Wednesday research note.

Sinha believes Angie's List can fetch between $10 to $13 per share, which would indicate a possible purchase price of between $585 million to about $761 million. Angie's List shares traded up 20% on Wednesday - but still well below that price - at $7.66.

Angie's List posted a loss of $18.4 million, or 31 cents a share, for the second quarter, compared with a loss of $14.3 million, or 25 cents a share, a year ago. The company generated $151.5 million revenue through the first half of 2014, compared to the $111.3 million in revenue it generated through the same time period one year ago.

It is unknown which investment banks, if any, Indianapolis-based Angie's List has hired. In September, Angie's said that it secured a new $85 million secured loan with TCW Asset Management Co.

Neither Home Depot and Lowe's have both made acquisitions in the Internet space over the last few years.

In January 2012, Home Depot acquired Red Beacon for undisclosed terms. Red Beacon allows consumers to book local contractors, get price quotes and ratings from previous customers. In January of this year, Lowe's made an undisclosed investment in, a user network that makes it easier for homeowners to find contractors on specific project needs.

Sinha added that Angie's List has a valuable brand name and a growing paying member base, which currently consists of about 2.9 million paying members, but pointed out that the problem is that Angie's List has not been able to keep with its technology.

"We believe [Angie's List] has been facing significant issues with its technology," Sinha wrote. "We believe the overarching issue is that it has not been able to scale its technology to build a platform that could combine the needs of product, marketing, marketplace and mobile."

In March, Angie's List named former Sabre Travel Network executive Robert Wiseman as its new chief technology officer.

Angie's List went public in November 2011, raising $114 million after it priced 8.8 million shares at $13 apiece. The company was originally venture capital-backed by TRI Investments, Battery Ventures, BV Capital and T.Rowe Price Associates (TROW - Get Report) . The company was founded in 1995 by William S. Oesterle and Angie Hicks, who are chief executive and chief marketing officer, respectively.

An Angie's List spokesman declined comment.