Shares of Triterras (NASDAQ: TRIT) have soared today, up by 16% as of 3 p.m. EST, after the company received a vote of confidence from Wall Street. Oppenheimer reiterated an outperform (equivalent to buy) rating alongside a $23 price target.
Triterras has been under heavy pressure after disclosing last week that a prominent customer, which was also founded by Triterras founder Srinivas Koneru, could be forced into bankruptcy by a creditor. The stock recovered earlier this week after the company announced that Koneru intends to take advantage of the volatility and buy shares in the open market. Oppenheimer had initiated coverage on Tritteras with an outperform rating just a couple days before all of the drama.