What Happened:
Shares of e-commerce software platform provider BigCommerce (NASDAQ: BIGC) jumped 7.95% in the morning session after company reported second-quarter results that beat analysts' revenue and earnings per share expectations. The company maintained full year revenue guidance but increased operating profit guidance for that period, which was a welcome development.
In addition, Daniel Lentz assumed the role of CFO, succeeding Robert Alvarez, who retired in July. BigCommerce also hired technology industry veteran and experienced e-commerce sales leader Steven Chung as its president and announced it will add new AI-powered features to its platform, leveraging Google Cloud's AI technologies. However, its below-Consensus revenue guidance for the next quarter was disappointing. Overall, this was a solid quarter for BigCommerce. The stock is up big, reflecting the quarter and likely also muted expectations going into the print.
Is now the time to buy BigCommerce? Access our full analysis report here, it's free.
What is the market telling us:
BigCommerce's shares are very volatile and over the last year have had 55 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
BigCommerce is up 37.1% since the beginning of the year, but at $11.44 per share it is still trading 45.4% below its 52-week high of $20.97 from August 2022. Investors who bought $1,000 worth of BigCommerce's shares at the IPO in August 2020 would now be looking at an investment worth $159.13.
Do you want to know what moves the stocks you care about? Add them to your StockStory watchlist and every time a stock we cover moves more than 5%, we provide you with a timely explanation straight to your inbox. It's free and will only take you a second.