Nearly six years after the pandemic made it a breakout stock, Investor Joe Terranova sees upside for Zoom . The chief market strategist for Virtus Investment Partners told CNBC’s ” Halftime Report ” on Monday he increased his position in the video conferencing giant. Terranova announced his move as the stock surged 10% on the day. Zoom jumped after analysts at Baird estimated the company’s initial 2023 investment of $53 million in artificial intelligence startup Anthropic may now be worth $2 billion to $4 billion, based on Anthropic’s estimated $350 billion valuation. Baird argued Zoom’s return on investment may grow further. ZM 1D mountain ZM 1-day chart “ZM is literally invested in Anthropic’s Claude success, and as Anthropic IPO rumors accelerate, the investment could become even more meaningful,” wrote Analyst William Power. Terranova agreed that the estimated investment total is a tailwind for Zoom’s shares. “The stock right now, from my perspective, is breaking out,” he said. “You’re seeing that positions are being built.” Shares of Zoom exploded in 2020 after the Covid-19 pandemic forced many white-collar employees to work from home, creating massive demand for virtual meeting technologies. The stock crossed $500 at one point in that year, but has been stuck below $100 since 2022 as in-person work has slowly returned. However, the stock is up 17% over the past year, and Terranova predicted it could finally break above $100 again. “I’m probably going to buy more over the next several days if it continues to move higher toward 100,” he said. “I think the stock could go to $125, $130, easily.”
