Squarespace slashed its full-year revenue forecast
The shares of Squarespace Inc (NYSE:SQSP) are sliding today, last seen down 3.7% to trade at $19.20, but paring steeper losses after being down at least 7.5% premarket. The company posted better-than-expected second-quarter earnings and revenue, yet it also slashed its full-year revenue forecast.
On the charts, the $18 level appears to be emerging as a floor, though former support at the $21 level has shifted into pressure. Earlier this month, the security's most recent peak was capped off by long-term pressure at the 140-day moving average. Year-over-year, the equity is down 67% -- struggling to rebound from its May 11, record low of $14.43.
Squarespace stock generally sees low options activity, though the company's earnings report has attracted more options traders than usual. Overall options volume is running at eight times what's typically seen at this point, with the August 20 and 17.50 puts standing out as the most popular contracts.
Analysts have yet to chime in after the event. Of the 13 in coverage, seven carry a "buy" or better rating, while six say "hold." Plus, the 12-month consensus price target of $27.73 is a roughly 43.2% premium to current levels, meaning the security could see price-target cuts or downgrades.