LLNW - Limelight Networks downgraded at Craig-Hallum after profit miss margin weakness

Yesterday, Limelight Networks (LLNW) reported Q3 results with a surprise non-GAAP loss despite largely in-line revenues.Craig-Hallum downgrades Limelight from Buy to Hold and cuts the price target from $9 to $5.Analyst Jeff Van Rhee notes the sharp gross margin decline from 40.4% in last year's quarter and 40.6% in Q2 to 36.7%, which contradicts prior management comments that margins would be flattish in the quarter.More action: Northland cuts Limelight from Outperform to Market Perform.Limelight shares are down 18.1% pre-market to $5.p7.Previously: Limelight Networks -18% after wider losses despite Q3 record revenue (Oct. 22 2020)Deeper dive: Limelight Networks Q3 earnings call transcript.

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Limelight Networks downgraded at Craig-Hallum after profit miss, margin weakness