Shares in Whispir Ltd (ASX: WSP) are tracking higher today and now trade 8% in the green at $1.98.
Right from the open, Whispir shares began the stair climb before peaking just after midday at $2.03 apiece. It has since cooled off to its current levels after trading sideways for the bulk of the day.
Whispir has a way to go if it is to return to its former highs, having evaporated more than 43% in the past 12 months. It has been on the elevator down south with fair certainty in that time.
What’s up with Whispir shares?
Despite the longer-term headwinds, Whispir has jumped 38% in the past month and is up another 22% in the previous week of trade.
After struggling early in the year, investors have rallied behind the company of late. Momentum continues this session as well – its share price is catching bids at a volume of 148% of its 4-week average today.
The upside is coming off a slumped period in 2022 where shares are still more than 4% in the red. However, it’s not just market sentiment that’s bullish.
Analysts are bullish too. Out of five firms covering the stock, four have it as a buy according to Bloomberg data.
The consensus price target is $3.29 per share, a huge up-step from the current market price of roughly $2 per share.
In fact, the bulk of analysts covering the company have been saying to buy Whispir shares for the previous 2 years, whilst the average price target has crept down somewhat.
Nonetheless, tech shares are staging a comeback, with the S&P/ASX All Technology Index (XTX) lunging another 10% higher this last month after springing off a low base.
With tech shares helping to keep the market buoyant, Whispir continues soaring higher in afternoon trade on Tuesday.