Canaccord Genuity Group Reiterates Buy Rating for Bigcommerce (NASDAQ:CMRC)

Key Points

• Canaccord Genuity Group has reissued a "buy" rating for BigCommerce (NASDAQ: BIGC) with a target price of $11.00, suggesting a potential upside of 120.40% from its current price.
• BigCommerce's average rating is "Hold" with a consensus target price of $8.07, amid mixed ratings from other brokerages, including some with "underweight" and "neutral" positions.
• The company reported a revenue increase of 2.5% year-over-year with earnings per share of $0.07, exceeding the consensus estimate for the quarter.

Bigcommerce (NASDAQ:CMRC - Get Free Report)'s stock had its "buy" rating reaffirmed by Canaccord Genuity Group in a report issued on Friday,Benzinga reports. They currently have a $11.00 price objective on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 149.43% from the company's current price.

CMRC has been the subject of several other research reports. Wall Street Zen downgraded Bigcommerce from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Morgan Stanley cut their target price on Bigcommerce from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group decreased their price objective on shares of Bigcommerce from $9.50 to $8.50 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Barclays dropped their price target on Bigcommerce from $7.00 to $6.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $8.07.

Bigcommerce Stock Performance

Shares of NASDAQ:CMRC traded down $0.37 during trading on Friday, reaching $4.41. The stock had a trading volume of 872,498 shares, compared to its average volume of 840,851. Bigcommerce has a 52 week low of $4.39 and a 52 week high of $7.99. The firm's fifty day moving average is $5.02 and its 200 day moving average is $5.57. The stock has a market cap of $353.23 million, a price-to-earnings ratio of -20.05 and a beta of 1.15.

Bigcommerce (NASDAQ:CMRC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $84.43 million during the quarter, compared to the consensus estimate of $83.30 million. During the same period last year, the business posted $0.05 earnings per share. The business's revenue was up 3.2% on a year-over-year basis.

Institutional Investors Weigh In On Bigcommerce

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP grew its position in Bigcommerce by 211.8% during the first quarter. GSA Capital Partners LLP now owns 110,245 shares of the company's stock worth $635,000 after buying an additional 74,890 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Bigcommerce by 20.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 111,052 shares of the company's stock worth $680,000 after purchasing an additional 18,903 shares in the last quarter. Two Sigma Advisers LP bought a new position in shares of Bigcommerce in the fourth quarter worth approximately $327,000. Renaissance Technologies LLC raised its stake in Bigcommerce by 6.7% in the fourth quarter. Renaissance Technologies LLC now owns 880,005 shares of the company's stock valued at $5,386,000 after purchasing an additional 55,353 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in Bigcommerce during the fourth quarter valued at approximately $1,018,000. Hedge funds and other institutional investors own 79.21% of the company's stock.

About Bigcommerce

BigCommerce Holdings, Inc operates a software-as-a-service platform for small businesses, mid-markets, and large enterprises in the United States, Europe, the Middle East, Africa, the Asia-Pacific, and internationally. The company's platform provides various services for launching and scaling e-commerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integrations.