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B.Riley FBR Maintains a Buy Rating on ChannelAdvisor (ECOM)


In a report released today, Zach Cummins from B.Riley FBR maintained a Buy rating on ChannelAdvisor (ECOM), with a price target of $17. The company’s shares opened today at $11.60.

Cummins noted:

“ChannelAdvisor Corporation’s (ECOM – 3Q results beat our estimates and the Street’s from top to bottom. Revenue upside was driven by continued strength in gross merchandise value (GMV) growth, along with improved revenue retention and an increasing contribution from strategic partner revenue. Amazon’s marketplace continued to grow well for ECOM during the quarter, but this was somewhat offset by a sequential deceleration in marketplace growth with eBay. The gross margin was slightly below our assumption but offset by lower operating expenses. As a result, adjusted EBITDA exceeded management’s guidance, our estimate, and consensus. Pro forma EPS were also above our estimate and consensus.”

According to TipRanks.com, Cummins is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -11.8% and a 23.1% success rate. Cummins covers the Technology sector, focusing on stocks such as ServiceSource International Inc, American Software, and Computer Task.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for ChannelAdvisor with a $17.50 average price target.

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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 88.79K.

Based on the recent corporate insider activity of 37 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.