LPSN - Why LivePerson Stock Popped (Again) Today
2023-08-10 16:42:33 ET
Shares of LivePerson (NASDAQ: LPSN) were up 21.9% as of 2 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence , extending from yesterday's post-earnings pop fueled by both the broader market rally and multiple analysts upgrading shares of the conversational AI software specialist.
Indeed, LivePerson just soared 19% only yesterday after the company announced a surprise second-quarter profit even as revenue fell a slightly better-than-expected 26.4% year over year. LivePerson also confirmed it signed 69 deals in the second quarter, including 33 new and 36 existing customer contracts. Three of those deals were for seven figures, and average trailing-12-month revenue per enterprise and mid-marke customer climbed 14% to $575,000. Management noted the company delivered these solid results after completing a recent restructuring plan and winding down noncore businesses in order to focus on its business-to-business (B2B) core.
Meanwhile, LivePerson scored a pair of analyst upgrades on the heels of the report. First, Roth MKM analyst Richard Baltry raised his rating on LivePerson shares to buy from neutral, maintaining his $6 price target -- a 26% premium from this morning's opening price -- pointing out the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) significantly exceeded expectations amid cost-cutting efforts.
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Why LivePerson Stock Popped (Again) Today