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)'s share price gapped up before the market opened 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 traded.

AMPL has been the topic of several other research reports. Bank of America upped their target price on Amplitude from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Wall Street Zen lowered Amplitude from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. UBS Group cut 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. Robert W. Baird cut their price target on Amplitude from $17.00 to $14.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Finally, Benchmark reiterated a "buy" rating on shares of Amplitude in a report on Friday, July 11th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $13.80.

Insider Buying and Selling

In other Amplitude news, Director Erica Schultz sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $12.56, for a total value of $94,200.00. Following the transaction, the director directly owned 107,406 shares of the company's stock, valued at $1,349,019.36. This trade represents a 6.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Catherine Wong sold 8,502 shares of Amplitude stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $12.49, for a total transaction of $106,189.98. Following the sale, the director directly owned 79,152 shares in the company, valued at approximately $988,608.48. The trade was a 9.70% 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 over the last quarter. 23.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amplitude

Institutional investors and hedge funds have recently modified their holdings of the company. Occudo Quantitative Strategies LP raised its holdings in shares of Amplitude by 2.1% in the fourth quarter. Occudo Quantitative Strategies LP now owns 41,365 shares of the company's stock valued at $436,000 after buying an additional 832 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Amplitude by 5.6% during the 2nd quarter. ProShare Advisors LLC now owns 17,865 shares of the company's stock worth $222,000 after purchasing an additional 955 shares in the last quarter. Russell Investments Group Ltd. increased its stake 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 worth $59,000 after purchasing an additional 1,455 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Amplitude by 22.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,172 shares of the company's stock worth $86,000 after purchasing an additional 1,492 shares in the last quarter. Finally, CWM LLC boosted its position in Amplitude by 14.1% during the second quarter. CWM LLC now owns 16,291 shares of the company's stock worth $202,000 after acquiring an additional 2,018 shares during the last quarter. Institutional investors and hedge funds own 73.20% of the company's stock.

Amplitude Stock Performance

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -14.85 and a beta of 1.54. The stock's fifty day simple moving average is $12.41 and its two-hundred day simple moving average is $11.56.

Amplitude (NASDAQ:AMPL - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $83.27 million for the quarter, compared to the consensus estimate of $81.29 million. Amplitude had a negative net margin of 30.43% and a negative return on equity of 33.08%. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts predict that Amplitude, Inc. will post -0.62 EPS for the current fiscal 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.