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5 big analyst cuts: LivePerson stock in free fall | Pro Recap

Investing.com
·2-min read

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst downgrades you may have missed on InvestingPro since yesterday. Start your free 7-day trial to get this news first.

LivePerson slashed after weak numbers; shares lose half their value

LivePerson's (TASE:LPSN) (NASDAQ:LPSN) shares were tumbling by more than 50% today on disappointing earnings and guidance, and Roth/MKM has cut the stock's rating to Neutral from Buy with a new price target of $6 for its Nasdaq shares - down from the prior $25.

Roth/MKM said, "LPSN's 4Q22 results were weak and its outlook for 2023 leaves us again lowering forecasts already dramatically cut in mid-2022. With a $230M convertible debt tranche due in under one year, and $517.5M due in 2026, we have little confidence cash generation can satisfy its needs. While our lowered $6.00PT warrants a Sell rating, we expect shares to trade immediately to this level at the open and therefore are using a Neutral rating for now."

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The company's Nasdaq shares were lately changing hands at $4.34, down some 56%.

Luna Innovations downgraded, shares plummet on Q4 miss

Northland Capital Markets downgraded Luna Innovations (NASDAQ:LUNA) to Market Perform from Outperform with a price target of $8.00.

Shares plunged more than 32% yesterday after the company reported a Q4 miss and guided Q1 and full 2023-year revenues below consensus estimates. Shares were ticking fractionally higher in today's session.

3 more downgrades

Credit Suiss downgraded Cvent (NASDAQ:CVT) to Neutral from Outperform with a price target of $8.50 (from $8.00) following the company’s announcement that it will be acquired by an affiliate of private equity funds managed by Blackstone (NYSE:BX) for $8.50 per share, in a transaction valued at an enterprise value of approximately $4.6 billion.

Citi downgraded FinVolution (NYSE:FINV) to Neutral from Buy and cut its price target to $5.08 from $5.68 following the company’s reported mixed Q4 earnings on Tuesday. As a result, shares plunged more than 14% yesterday.

The company announced an increase in its dividend payout ratio to 18.5% for fiscal 2022. Furthermore, the company announced that Tiezheng Li, vice-board-chairman and co-founder, will resume the CEO position effective March 14, as ex-CEO Feng Zhang resigned after 8 years of service due to personal reasons.

Canaccord Genuity downgraded Q2 Holdings (NYSE:QTWO) to Hold from Buy with a price target of $25.00. Shares fell more than 3% yesterday, and were off another 2.9% in recent trading today.

The company reported its Q4 earnings last month, with both EPS and revenues coming in worse than the consensus estimates.

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