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LegalZoom Shares Tank 22% After First Quarter Results Miss Estimates
$LegalZoom (LZ.US)$ shares tumbled to a one-year low Wednesday, deepening the slump seen after the market closed yesterday as the online legal solutions provider reported first quarter results that missed estimates.
The company also gave an outlook for the second quarter that also disappointed Wall Street, adding to the negative sentiment.
Shares tumbled 22% to $9.53, after touching $9.43, the lowest since May 9, 2023. The slumped wiped out the stock's gains this year, sending it down 17%, compared with an 8.8.% rally in the $S&P 500 Index (.SPX.US)$.
The company said yesterday revenue in the first quarter rose 5% to $174.2 million. That missed the average estimate of $175.4 million expected by analysts, according to MT Newswires. Adjusted earnings rose to 9 cents in the three months ended March 31, up from 7 cents a year earlier, the company said in a press release. That's still below the 10 cents expected by analysts, according to the report.
For the second quarter, the company expects adjusted earnings before interest, taxes and depreciation will be in the range of $25 million to $27 million. That's below the $33.4 million average of analysts' estimates compiled by Bloomberg.
For the second quarter, the company expects adjusted earnings before interest, taxes and depreciation will be in the range of $25 million to $27 million. That's below the $33.4 million average of analysts' estimates compiled by Bloomberg.
Bank of America Global Research analyst Mike McGovern cut his price target on the stock to $13, from $15, Reuters reported.
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Luzi Ann Santos
Moomoo Senior News and Community Manager
Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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THEWIZARD : Well,
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
1) Depends on how "soon" is soon?
2) Depends on how "high" is higher?
Luzi Ann Santos OP THEWIZARD : How about by the end of this week?
THEWIZARD Luzi Ann Santos OP : I don't think that it'll retrace back above $10 by end of this week.
I think it may bounce a bit and then go lower to test the $7 ~ 7ish.
Just my personal own opinion.
#DYODD#
#Not Financial Advise#
#All Trade Carry Risks#
Svetlana Polishuk : absolutely