.jpg "ChannelAdvisor (NYSE: ECOM)")
In a report released today, Zach Cummins from B.Riley FBR reiterated a Buy rating on ChannelAdvisor (NYSE: ECOM), with a price target of $17.50. The company’s shares opened today at $13.90.
Cummins wrote:
“ChannelAdvisor Corporation’s (ECOM) 2Q results beat our estimates and the Street’s from top to bottom. Revenue upside was driven by strong gross merchandise value (GMV) growth, specifically with the eBay marketplace which posted its highest growth rate in over 4 years, as well as growing revenue contribution from strategic partnerships. We note that the revenue line benefited from $0.4M in one-time items, but excluding these items, revenue still exceeded management’s guidance, our estimate and consensus. Gross margin was well above our assumption due to upside revenues and operating expenses were lower than our model due to improvements in sales efficiency. As a result, adjusted EBITDA exceeded management’s guidance, our estimate consensus.”
According to TipRanks.com, Cummins is ranked #3601 out of 4850 analysts.
ChannelAdvisor has an analyst consensus of Moderate Buy, with a price target consensus of $16.50.
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The company has a one-year high of $15.63 and a one-year low of $8.30. Currently, ChannelAdvisor has an average volume of 106.7K.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock.
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ChannelAdvisor Corp. engages in provision of software-as-a-service solutions that enables the retailer and branded manufacturer customers to integrate, manage and optimize their merchandise sales across hundreds of online channels. It operates through the following segments: Marketplaces, Digital Marketing, and Other.
