Berkshire Grey extends gains on SoftBank buyout deal

Berkshire Grey

27/03/2023 14:09

** Shares of artificial intelligence (AI) tech firm Berkshire Grey Inc
 BGRY.O  extends gains from the previous session, up 23% at $1.4     
    ** After the bell on Friday, shares of co rose as SoftBank Group Corp
 9984.T  and its affiliate said it would buy the remaining stake it did not own
in co for $1.40 per/shr in an all-cash deal at ~$375 mln
    ** Brokerage Craig-Hallum downgrades stock to "hold", cuts PT to $1.40 
    ** Purchase price for BGRY shares undervalues co, says brokerage; sees no
possibility of higher upcoming bids for co
    ** Trading volumes of stock premarket on Monday are more than its 10-DMA,
but below its 50-DMA volumes
    ** Two brokerages rate the stock "hold"; their median PT is $2.7 - Refinitiv
IBES Data
    ** Stock is trading before the bell below its 200-DMA and above its 50-DMA
    ** Up to last close, stock had fallen 89% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))