Amplitude (NASDAQ:AMPL) Shares Gap Up After Analyst Upgrade

Key Points

• Piper Sandler upgraded Amplitude's stock, raising the price target from $15.00 to $16.00, leading to a significant gap up in shares during trading.
• Several analysts have varying views on Amplitude, with a current consensus rating of “Moderate Buy” and an average price target of $13.80.
• Insider sales indicate reduced positions, with 45,911 shares sold by directors in the past 90 days, raising questions about insider confidence in the stock.

Amplitude, Inc. (NASDAQ:AMPL - Get Free Report) shares gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $15.00 to $16.00. The stock had previously closed at $12.22, but opened at $13.81. Piper Sandler currently has an overweight rating on the stock. Amplitude shares last traded at $12.84, with a volume of 789,799 shares changing hands.

Several other equities analysts have also issued reports on AMPL. Benchmark reissued a "buy" rating on shares of Amplitude in a research note on Friday, July 11th. UBS Group lowered their target price on Amplitude from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC upped their target price on Amplitude from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday. Bank of America upped their target price on Amplitude from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Finally, Wall Street Zen lowered Amplitude from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $13.80.

Insiders Place Their Bets

In other Amplitude news, Director Catherine Wong sold 8,502 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $12.49, for a total value of $106,189.98. Following the completion of the transaction, the director owned 79,152 shares in the company, valued at $988,608.48. This represents a 9.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Erica Schultz sold 26,394 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $12.49, for a total value of $329,661.06. Following the completion of the transaction, the director owned 92,500 shares of the company's stock, valued at $1,155,325. This trade represents a 22.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,911 shares of company stock valued at $571,352 in the last 90 days. Corporate insiders own 23.83% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of Amplitude during the 4th quarter valued at $38,000. Aquatic Capital Management LLC lifted its position in shares of Amplitude by 176.5% during the 4th quarter. Aquatic Capital Management LLC now owns 4,147 shares of the company's stock valued at $44,000 after buying an additional 2,647 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Amplitude by 33.3% during the 1st quarter. Russell Investments Group Ltd. now owns 5,818 shares of the company's stock valued at $59,000 after buying an additional 1,455 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Amplitude by 45,828.6% during the 1st quarter. GAMMA Investing LLC now owns 6,430 shares of the company's stock valued at $631,000 after buying an additional 6,416 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Amplitude by 255.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,100 shares of the company's stock valued at $75,000 after buying an additional 5,100 shares during the last quarter. Hedge funds and other institutional investors own 73.20% of the company's stock.

Amplitude Trading Up 5.1%

The business has a 50-day moving average price of $12.42 and a 200 day moving average price of $11.55. The stock has a market cap of $1.27 billion, a PE ratio of -16.94 and a beta of 1.54.

Amplitude (NASDAQ:AMPL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.01 EPS for the quarter, meeting analysts' consensus estimates of $0.01. The firm had revenue of $83.27 million for the quarter, compared to analysts' expectations of $81.29 million. Amplitude had a negative return on equity of 32.50% and a negative net margin of 31.01%. The business's quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities analysts predict that Amplitude, Inc. will post -0.62 earnings per share for the current year.

About Amplitude

Amplitude, Inc, together with its subsidiaries, provides a digital analytics platform that analyzes customer behavior in the United States and internationally. It offers Amplitude Analytics, which provides real-time product data and reconstructed user visits; Amplitude Experiment, a solution that allows teams to test new capabilities and safely roll out new features; Amplitude CDP, an insight-driven solution that encompasses the data infrastructure, audience management, and data streaming capabilities; and Amplitude Session Replay used by product, marketing, and data teams to understand user behavior, diagnose product issues, and improve product outcomes.

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