EPAM shares rose 7% to $115.89 in premarket trading on Thursday after multi-year lows.
The increase in buyer interest was driven by a combination of several factors: pressure from activist investors, improved fundamental performance, and a historically low valuation of the company, writes Dev.by.
EPAM shares are recovering after multi-year lows: earlier in the year, they fell to a 52-week low of $73.06, while the maximum for this period was $222.53.
The main growth driver was the strong results of EPAM's competitor, Accenture. The consulting company's fourth-quarter report exceeded analysts' expectations for revenue and profit, which pushed its quotes up by approximately 18%.
Additional support was provided by the overall positive market background: before the market opened, the S&P 500 index added 0.4%, and Nasdaq grew by 0.6%, creating favorable conditions for the recovery of technology sector stocks, which had previously significantly cheapened.
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