SKIL - Skillsoft stock hits record low as Piper Sandler cuts PT after Q4 results

Skillsoft (NYSE:SKIL) stock reversed earlier gains and fell to a record low Thursday after Piper Sandler cut its price target to $7 from $10, implying 26.8% upside to SKIL's last close. SKIL had risen ~7% aftermarket Wednesday following its Q4 earnings report. In a post-earnings call, CFO Gary Ferrera said SKIL expects Q1 to be the low point of the year in terms of bookings, adj. revenue and adj. EBITDA. "Q1 is our seasonally smallest bookings quarter, given that Skillsoft content business is heavily weighted to Q4," he added. Q1 adj. revenue is expected to be down ~5% sequentially and adj. EBITDA margin to be ~14%. SKIL expects 2023 adj. revenue of $765M-790M, bookings of $790M-825M and adj. EBITDA of ~$167M. The firm projects 2024 adj. EBITDA growth of at least low double digits. SKIL stock declined 42.3% YTD and ~48% in the last 1 year.

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Skillsoft stock hits record low as Piper Sandler cuts PT after Q4 results