Pure Storage's stock surged 8.49% during intraday trading on Wednesday, as the storage technology company experienced significant buying interest.
The sharp rise comes amid analysis suggesting the stock may be undervalued. A recent discounted cash flow (DCF) analysis indicated Pure Storage could be approximately 20.5% undervalued at current levels, providing fundamental support for the price movement.
Additionally, the broader storage sector showed strong performance with multiple peers reporting gains. The sector-wide rally contributed to positive sentiment across storage-related stocks, further boosting Pure Storage's upward momentum.