SSTI - ShotSpotter soars after revenue beat Lake Street upgrade

ShotSpotter ( NASDAQ: SSTI ) broke higher after narrowly topping revenue estimates for Q2 with 37% growth in the quarter.

The company said the revenue growth was due to an increase in new live miles, customer expansions, increased revenues from LEEDS and revenues from Forensic Logic.

SSTI also reiterated its full-year revenue guidance of $81.0M to $83.0M vs. $82M consensus and and full-year adjusted EBITDA margin guidance of 19% to 21%.

ShotSpotter's results caught the eye of Lake Street, which upgraded the stock to a Buy rating.

Lake Street's Jaeson Schmidt: "We are encouraged by the Company's continued momentum and growing pipeline. Additionally, we are glad to see the Vice lawsuit put in the rearview mirror. We believe the Company's runway for growth remains long given the tailwinds driving demand for its solutions in the domestic market, the cross-selling opportunities with its recent acquisitions, and the opportunities in the international market."

Lake Street assigned a price target of $38 to SSTI.

The Seeking Alpha Quant Rating on SSTI is Hold.

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