BigCommerce (NASDAQ:BIGC) Announces Earnings Results, Beats Expectations By $0.05 EPS

BigCommerce (NASDAQ:BIGC) posted its quarterly earnings results on Thursday. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.05, reports. BigCommerce had a negative net margin of 12.68% and a negative return on equity of 82.39%. The firm had revenue of $83.71 million for the quarter, compared to analyst estimates of $83.04 million. BigCommerce updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

BigCommerce Trading Down 0.6 %

Shares of BIGC opened at $6.23 on Friday. BigCommerce has a one year low of $5.13 and a one year high of $10.19. The stock has a 50-day moving average price of $5.72 and a 200 day moving average price of $6.70. The company has a debt-to-equity ratio of 13.04, a quick ratio of 4.51 and a current ratio of 4.51. The company has a market capitalization of $484.38 million, a P/E ratio of -11.54 and a beta of 0.99.

Hedge Funds Weigh In On BigCommerce

Institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new stake in shares of BigCommerce during the second quarter worth approximately $35,000. Acadian Asset Management LLC acquired a new position in BigCommerce during the 1st quarter worth $80,000. Harbor Capital Advisors Inc. increased its position in shares of BigCommerce by 93.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 17,179 shares of the company’s stock worth $100,000 after purchasing an additional 8,297 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of BigCommerce in the 1st quarter valued at about $104,000. Finally, Aigen Investment Management LP acquired a new stake in shares of BigCommerce in the 3rd quarter valued at about $105,000. 79.21% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

About BigCommerce

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.