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News Breaks
July 24, 2014
12:05 EDTYELP, ANGIAngie's List plummets after Q2 report triggers multiple downgrades
Shares of consumer-driven review service Angie's List (ANGI) are plummeting after the company reported second quarter losses per share and revenue that were worse than expected, prompting a number of downgrades of its stock by Wall Street analysts. WHAT'S NEW: Angie's List reported a Q2 loss per share of (31c) which was worse than analysts' consensus forecast for a (24c) per share loss. The company's Q2 revenue was $78.9M, which was below analysts' consensus of $80.19M. The review service reported Q2 gross member additions of approximately 399K at an average cost per acquisition of $90 and reported total end of period paid memberships of 2.84M. Angie's Q2 average membership renewal rate was 77%. Angie's List guided to Q3 revenue of $80.5M-$82.5M, which is lower than analysts' consensus of $86.63M. Angie's List added that it expects to generate positive adjusted EBITDA for FY14, with CEO Bill Oesterle saying, "While revenue growth in e-commerce was lower than expected, we continued to make progress against our strategy of enabling service providers and populating their stores with offers. We expect significant improvement in margin in the second half of the year and continue to see compelling opportunities for growth." ANALYST REACTION: After Angie's List's report, at least seven Street research firms downgraded their ratings on its stock. Oppenheimer analyst Jason Helfstein downgraded Angie's List to Perform from Outperform, stating that while executives feels that vendor renewal rates are strong, the ratio of selling expense to vendor revenue is leaning negatively, productivity per rep is decreasing and e-commerce revenue is decelerating. MKM Partners analyst Rob Sanderson downgraded the review service company to Neutral from Buy, saying that Angie's List gave several "layers" of disappointing news in the Q2 earnings report. Sanderson said that the data went against its anticipation for signs of stability this quarter. Piper Jaffray analyst Gene Munster lowered his price target for Angie's List to $12 from $17 and believes that shares of Angie's List, but believes shares are "washed out" after the company gave its Q2 report. Munster perceives the firm's outlook to be conservative and feels investor anticipations are at "rock bottom," which could mean that any optimistic updates from Angie's list could have "meaningful" and "positive" benefit. Munster maintained an Overweight rating on the stock. PRICE ACTION: During midday trading, shares of Angie's List fell $2.07, or 20% to $8.10. OTHERS TO WATCH: Yelp (YELP), which also allows users to review local businesses, is up 1% to $69.40 near noon.
News For ANGI;YELP From The Last 14 Days
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September 4, 2015
07:54 EDTYELPYelp price target lowered to $30 from $35 at Citi
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September 1, 2015
16:19 EDTYELPYelp calls active
Yelp September weekly 24.5 and September 28 calls are active on total call volume of 4K contracts (1K puts). September weekly call option implied volatility is at 76, September is at 66, October is at 60; compared to its 52-week range of 38 to 82. Active call volume suggests traders taking positions for price movement.
13:27 EDTYELPYelp may be attractive to TripAdvisor, Google, FT says
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August 30, 2015
21:03 EDTANGI, YELPGoogle adds home service professionals to search results, WSJ says
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August 27, 2015
10:00 EDTYELPOn The Fly: Analyst Upgrade Summary
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06:08 EDTYELPYelp upgraded to Neutral from Sell at B. Riley
As previously reported, B. Riley upgraded Yelp to Neutral from Sell and a $22 price target on shares. The firm upgraded shares due to valuation and reasonable guidance.
05:19 EDTYELPYelp upgraded to Neutral from Sell at B. Riley
August 25, 2015
09:13 EDTYELPTrends still positive for Google, Amazon, Facebook ahead of holidays, says Baird
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August 24, 2015
17:10 EDTANGITCS Capital Management raises stake in Angie's List to 9.0% from 6.5%
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