Lightspeed Commerce (NYSE:LSPD) Shares Up 10.3% After Strong Earnings

Lightspeed Commerce Inc. (NYSE:LSPD) shares shot up 10.3% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $17.93 and last traded at $17.38. 520,256 shares traded hands during trading, a decline of 53% from the average session volume of 1,098,467 shares. The stock had previously closed at $15.76.

The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $277.18 million during the quarter, compared to analysts’ expectations of $273.90 million. Lightspeed Commerce had a negative net margin of 15.55% and a negative return on equity of 0.99%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TD Securities lifted their price target on Lightspeed Commerce from $15.00 to $19.00 and gave the company a “hold” rating in a report on Friday. BTIG Research reaffirmed a “buy” rating and issued a $21.00 target price on shares of Lightspeed Commerce in a research note on Thursday, September 26th. Wells Fargo & Company reduced their target price on shares of Lightspeed Commerce from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on shares of Lightspeed Commerce from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Finally, Piper Sandler reduced their price objective on Lightspeed Commerce from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.75.

Institutional Trading of Lightspeed Commerce

Several hedge funds have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP bought a new stake in shares of Lightspeed Commerce during the first quarter worth $34,984,000. Intact Investment Management Inc. increased its holdings in Lightspeed Commerce by 10,117.5% during the 3rd quarter. Intact Investment Management Inc. now owns 877,680 shares of the company’s stock worth $14,473,000 after purchasing an additional 869,090 shares in the last quarter. NewGen Asset Management Ltd bought a new stake in shares of Lightspeed Commerce in the second quarter valued at about $9,241,000. Marshall Wace LLP boosted its position in shares of Lightspeed Commerce by 306.5% during the second quarter. Marshall Wace LLP now owns 807,219 shares of the company’s stock worth $11,051,000 after buying an additional 608,661 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in shares of Lightspeed Commerce by 345,464.1% during the second quarter. 1832 Asset Management L.P. now owns 404,310 shares of the company’s stock worth $5,535,000 after buying an additional 404,193 shares during the period. Institutional investors and hedge funds own 68.68% of the company’s stock.

Lightspeed Commerce Stock Performance

The company has a quick ratio of 6.06, a current ratio of 6.19 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average of $14.82 and a 200-day moving average of $14.09. The firm has a market capitalization of $2.59 billion, a P/E ratio of -17.42, a P/E/G ratio of 9.93 and a beta of 2.35.

About Lightspeed Commerce

Lightspeed Commerce Inc engages in sale of cloud-based software subscriptions and payments solutions for small and midsize businesses, retailers, restaurants, and golf course operators in North America, Europe, the United Kingdom, Australia, New Zealand, and internationally. Its Software as a Service platform enables customers to engage with consumers, manage operations, accept payments, etc.