BigCommerce (NASDAQ:BIGC) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

BigCommerce (NASDAQ:BIGC) announced its quarterly earnings data on Thursday. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02, Briefing.com reports. The firm had revenue of $81.83 million for the quarter, compared to the consensus estimate of $81.13 million. BigCommerce had a negative net margin of 12.68% and a negative return on equity of 82.39%. The company’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned ($0.17) EPS. BigCommerce updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

BigCommerce Stock Down 9.8 %

Shares of BIGC stock traded down $0.67 during trading hours on Friday, reaching $6.17. 1,112,126 shares of the stock were exchanged, compared to its average volume of 585,942. BigCommerce has a 12-month low of $5.62 and a 12-month high of $12.75. The company has a debt-to-equity ratio of 13.04, a current ratio of 4.51 and a quick ratio of 5.06. The company’s 50-day moving average price is $7.92 and its 200-day moving average price is $7.57.

Insider Buying and Selling

In related news, insider Brent Bellm sold 31,907 shares of BigCommerce stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $8.35, for a total transaction of $266,423.45. Following the completion of the transaction, the insider now directly owns 719,939 shares of the company’s stock, valued at approximately $6,011,490.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other BigCommerce news, insider Brent Bellm sold 31,907 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $8.35, for a total value of $266,423.45. Following the completion of the sale, the insider now directly owns 719,939 shares of the company’s stock, valued at approximately $6,011,490.65. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Brian Singh Dhatt sold 5,787 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $8.35, for a total transaction of $48,321.45. Following the completion of the sale, the chief technology officer now directly owns 240,841 shares of the company’s stock, valued at $2,011,022.35. The disclosure for this sale can be found here. 9.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barclays lifted their price target on shares of BigCommerce from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Friday, May 10th. Morgan Stanley reduced their price target on shares of BigCommerce from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of BigCommerce in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $9.63.

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.