BOXD - Boxed gains after Q3 revenue beats estimates reiterated buy at DA Davidson

• Boxed ( NYSE: BOXD ) rose 6.7% after the e-commerce company topped Q3 revenue estimates and was reiterated buy at DA Davidson.
• "We are confident in senior management's ability to build a profitable business over the long term that monetizes its strengths ...," DA Davidson analyst Tom Forte wrote in a note. Forte reiterated his buy rating and cut his price target to $4 from $6.
• Adj. EBITDA was a little lower than the consensus estimates, though better than DA Davidson projected, according to Forte.
• "Overall it was quite a good quarter for us," Boxed CEO Chieh Huang said in an interview with Seeking Alpha on Wednesday.
• Huang highlighted that retail gross profit was up more than 88% in the quarter as the company has focused on improving its profitability, especially focusing on B2B, Boxed Market and software & services known as Spresso.
• "I think most folks will be shocked at the 88% in gross profit in retail," Huang said.
• Recall in September Boxed and Snowflake partnered to launch Spresso SaaS capabilities to joint customers.

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