Penny Stock Expected to Pop 75%

The shares have been treading water atop their 320-day moving average

Shares of cybersecurity concern Identiv Inc (NASDAQ:INVE) are higher this afternoon, after analysts at Imperial Capital initiated coverage with an "outperform" endorsement. In addition, the brokerage firm set an $8.75 price target -- representing about 75% upside from Thursday's close of $4.98, and territory INVE hasn't charted in four years.

INVE stock skyrocketed to start the year, nearly doubling from its Dec. 26 low of $3.34 to its March high of $6.38. Since then, however, the equity has been relatively range-bound, trading between support at its 320-day moving average and resistance around $5.70. At last check, the equity was up 4.6% to trade at $5.21.

However, Identiv is no stranger to upbeat analyst attention. In fact, all five of the brokerage firms following the shares already sport "strong buy" opinions. Plus, the consensus 12-month price target of $9 represents a premium of 73% to the equity's current perch.

Should the equity finally break out of its recent range, though, a short squeeze could add fuel to INVE's fire. Short interest represents nearly a week's worth of pent-up buying demand, at the stock's average pace of trading.