BigCommerce (NASDAQ:BIGC) Shares Up 18.5% After Better-Than-Expected Earnings

BigCommerce Holdings, Inc. (NASDAQ:BIGC)’s share price shot up 18.5% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $6.85 and last traded at $6.74. 440,420 shares changed hands during trading, a decline of 43% from the average session volume of 775,858 shares. The stock had previously closed at $5.69.

The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.05. The company had revenue of $83.71 million during the quarter, compared to the consensus estimate of $83.04 million. BigCommerce had a negative return on equity of 82.39% and a negative net margin of 12.68%.

Analyst Upgrades and Downgrades

BIGC has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered their price target on BigCommerce from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Bank of America cut their price target on BigCommerce from $8.00 to $6.00 and set an “underperform” rating for the company in a report on Thursday, August 29th. Barclays reduced their price objective on shares of BigCommerce from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of BigCommerce in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.81.

Hedge Funds Weigh In On BigCommerce

A number of hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board acquired a new position in BigCommerce in the 2nd quarter valued at $35,000. Acadian Asset Management LLC bought a new position in shares of BigCommerce in the first quarter worth $80,000. Harbor Capital Advisors Inc. raised its stake in BigCommerce by 93.4% in the third quarter. Harbor Capital Advisors Inc. now owns 17,179 shares of the company’s stock valued at $100,000 after purchasing an additional 8,297 shares in the last quarter. Virtu Financial LLC bought a new stake in BigCommerce during the first quarter worth about $104,000. Finally, Aigen Investment Management LP acquired a new stake in BigCommerce during the third quarter worth about $105,000. 79.21% of the stock is owned by institutional investors.

BigCommerce Trading Down 0.6 %

The firm’s fifty day simple moving average is $5.72 and its 200 day simple moving average is $6.69. The stock has a market capitalization of $484.38 million, a P/E ratio of -11.54 and a beta of 0.99. The company has a debt-to-equity ratio of 13.04, a quick ratio of 4.51 and a current ratio of 4.51.

BigCommerce Company Profile

BigCommerce Holdings, Inc operates a software-as-a-service platform for enterprises, small businesses, and mid-markets in the United States, North and South America, Europe, the Middle East, Africa, and the AsiaPacific. The company provides a platform for launching and scaling an ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integration into third-party services.