BigCommerce Holdings, Inc. (NASDAQ:BIGC) Sees Large Drop in Short Interest

BigCommerce Holdings, Inc. (NASDAQ:BIGC) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 9,020,000 shares, a drop of 7.1% from the August 15th total of 9,710,000 shares. Based on an average daily trading volume, of 684,600 shares, the short-interest ratio is currently 13.2 days. Approximately 14.5% of the company’s stock are sold short.

BigCommerce Stock Performance

Shares of BIGC stock traded up $0.18 during trading hours on Wednesday, hitting $6.29. The stock had a trading volume of 280,565 shares, compared to its average volume of 713,977. The company has a debt-to-equity ratio of 13.04, a current ratio of 4.51 and a quick ratio of 4.51. The firm has a market capitalization of $486.06 million, a PE ratio of -9.55 and a beta of 0.98. The stock’s 50 day moving average is $6.55 and its 200 day moving average is $7.00. BigCommerce has a twelve month low of $5.35 and a twelve month high of $10.43.

BigCommerce (NASDAQ:BIGC) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. BigCommerce had a negative net margin of 12.68% and a negative return on equity of 82.39%. The company had revenue of $81.83 million for the quarter, compared to the consensus estimate of $81.13 million. During the same period last year, the firm posted ($0.17) EPS. BigCommerce’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, research analysts forecast that BigCommerce will post -0.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BIGC has been the subject of a number of research analyst reports. Bank of America lowered their price target on BigCommerce from $8.00 to $6.00 and set an “underperform” rating for the company in a report on Thursday, August 29th. Barclays lowered their target price on shares of BigCommerce from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of BigCommerce in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.31.

Hedge Funds Weigh In On BigCommerce

Several institutional investors have recently added to or reduced their stakes in BIGC. The Manufacturers Life Insurance Company raised its position in BigCommerce by 8.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,167 shares of the company’s stock worth $219,000 after buying an additional 2,056 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of BigCommerce by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,794 shares of the company’s stock worth $350,000 after acquiring an additional 3,188 shares during the period. Canada Pension Plan Investment Board purchased a new position in BigCommerce during the second quarter worth about $35,000. Clearbridge Investments LLC lifted its position in BigCommerce by 0.6% in the fourth quarter. Clearbridge Investments LLC now owns 1,296,400 shares of the company’s stock valued at $12,614,000 after purchasing an additional 7,254 shares during the period. Finally, Rhumbline Advisers boosted its holdings in BigCommerce by 8.4% in the 2nd quarter. Rhumbline Advisers now owns 101,556 shares of the company’s stock valued at $819,000 after purchasing an additional 7,849 shares in the last quarter. Institutional investors and hedge funds own 79.21% of the company’s stock.

About BigCommerce

BigCommerce Holdings, Inc operates a software-as-a-service platform for enterprises, small businesses, and mid-markets in the United States, North and South America, Europe, the Middle East, Africa, and the AsiaPacific. The company provides a platform for launching and scaling an ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integration into third-party services.