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Squarespace, Inc. (NYSE:SQSP – Get Rating) was the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 1,460,000 shares, a drop of 21.1% from the July 31st total of 1,850,000 shares. Currently, 4.3% of the company’s shares are sold short. Based on an average daily trading volume, of 612,100 shares, the short-interest ratio is presently 2.4 days.
Analysts Set New Price Targets
SQSP has been the topic of several research analyst reports. Piper Sandler dropped their price objective on Squarespace from $26.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 26th. Truist Financial dropped their price objective on Squarespace to $31.00 in a research note on Tuesday, July 26th. JMP Securities downgraded Squarespace from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 14th. Barclays dropped their price target on Squarespace from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 21st. Finally, Oppenheimer assumed coverage on Squarespace in a research note on Tuesday, July 26th. They issued a “market perform” rating on the stock. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $28.77.
Insider Buying and Selling at Squarespace
In other Squarespace news, major shareholder Ventures Growth I. Parall Index sold 34,696 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $20.02, for a total value of $694,613.92. Following the transaction, the insider now directly owns 516,992 shares in the company, valued at approximately $10,350,179.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Ventures Growth I. Parall Index sold 1,595 shares of the firm’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $23.00, for a total value of $36,685.00. Following the transaction, the insider now directly owns 515,397 shares in the company, valued at approximately $11,854,131. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ventures Growth I. Parall Index sold 34,696 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $20.02, for a total value of $694,613.92. Following the completion of the transaction, the insider now owns 516,992 shares in the company, valued at $10,350,179.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 550,081 shares of company stock worth $11,853,481. Insiders own 45.51% of the company’s stock.
Institutional Investors Weigh In On Squarespace
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA raised its position in shares of Squarespace by 100.0% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 2,000 shares of the company’s stock valued at $59,000 after buying an additional 1,000 shares in the last quarter. Captrust Financial Advisors raised its position in Squarespace by 2,128.1% during the first quarter. Captrust Financial Advisors now owns 1,270 shares of the company’s stock valued at $33,000 after purchasing an additional 1,213 shares in the last quarter. Blair William & Co. IL raised its position in Squarespace by 21.2% during the fourth quarter. Blair William & Co. IL now owns 7,248 shares of the company’s stock valued at $214,000 after purchasing an additional 1,268 shares in the last quarter. ExodusPoint Capital Management LP raised its position in Squarespace by 13.8% during the second quarter. ExodusPoint Capital Management LP now owns 12,788 shares of the company’s stock valued at $268,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Advisor Group Holdings Inc. raised its position in Squarespace by 93.2% during the first quarter. Advisor Group Holdings Inc. now owns 3,336 shares of the company’s stock valued at $85,000 after purchasing an additional 1,609 shares in the last quarter. 37.53% of the stock is currently owned by institutional investors and hedge funds.
Squarespace Trading Down 1.7 %
Squarespace stock opened at $20.93 on Friday. Squarespace has a 52 week low of $14.43 and a 52 week high of $48.89. The stock has a 50-day simple moving average of $21.72 and a 200 day simple moving average of $23.11.
Squarespace (NYSE:SQSP – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.36. The firm had revenue of $212.70 million for the quarter, compared to the consensus estimate of $212.01 million. During the same quarter in the prior year, the firm earned ($3.22) EPS. The company’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that Squarespace will post -0.09 earnings per share for the current year.
Squarespace Company Profile
Squarespace, Inc operates platform for businesses and independent creators to build online presence, grow their brands, and manage their businesses across the internet. Its suite of integrated products enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, and scheduling, as well as tools for managing a social media presence.
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