Shares of Twitter, Inc. (TWTR) lost more than 1 percent to $49.90 in early trading on Thursday after the company announced the acquisition of tenXer, a startup whose platform helps developers and engineers to work together better. Techcrunch has confirmed the purchase price being under $50 million.
“We will be shutting down tenXer and continuing our work within Twitter,” tenXer CEO and co-founder Jeff Ma told the publication. “We are excited to apply what we’ve learned in the last three years to a world class engineering organization.”
The deal was first reported by VentureBeat.
On valuation measures, Twitter, Inc. currently valued at $31.83 billion, has a median Wall Street price target of $52.00 with a high target of $67.00. Approximately 4.40 million shares have already changed hands, compared to the stock’s average daily volume of 20.85 million.
In the past 52 weeks, shares of the global platform for public self-expression have traded between a low of $29.51 and a high of $55.99 with the 50-day MA and 200-day MA located at $48.24 and $44.18 levels, respectively. Additionally, shares of TWTR trade at a P/E ratio of 1.78 and have a Relative Strength Index (RSI) and MACD indicator of 64.04 and +1.18, respectively.
TWTR currently prints a one year return of about 7.50% and a year-to-date return of around 41%.