Bending Spoons (NASDAQ:BSP) Stock Price Up 9.2% – Here’s What Happened

Bending Spoons S.p.A. (NASDAQ:BSP)’s stock price was up 9.2% on Thursday. The stock traded as high as $57.51 and last traded at $58.3550. Approximately 2,497,079 shares were traded during trading, a decline of 8% from the average daily volume of 2,709,992 shares. The stock had previously closed at $53.46.

Key Headlines Impacting Bending Spoons

Here are the key news stories impacting Bending Spoons this week:

• Positive Sentiment: Berkshire Hathaway’s $330 million investment provides Bending Spoons with additional capital to pursue acquisitions of underperforming software and digital-media businesses. Berkshire’s participation also serves as a high-profile endorsement of the company’s acquisition-and-turnaround strategy. Bending Spoons wants to revive software castoffs. Berkshire is backing the plan
• Positive Sentiment: The latest placement follows Berkshire’s roughly $600 million commitment at Bending Spoons’ initial public offering and would bring Berkshire’s ownership to about 4%. The repeated investment, including backing associated with Berkshire successor Greg Abel, has increased the company’s visibility among investors. Meet Warren Buffett Successor Greg Abel’s Newest Investment
• Positive Sentiment: Investors view the fresh funding as supportive of Bending Spoons’ plan to acquire struggling software companies, improve their operations and consolidate the sector. The Berkshire announcement was cited as the main catalyst behind the stock’s approximately 27% weekly advance. Why Bending Spoons Stock Soared 27% This Week
• Neutral Sentiment: Coverage has compared Bending Spoons with other technology companies and highlighted its recent 52-week high, but these reports provide limited new fundamental information. Bending Spoons and Its Rivals Financial Review
• Negative Sentiment: After the rapid advance, some traders are hedging or taking profits, increasing the risk of short-term pullbacks. Bending Spoons also carries elevated financial risk, including a debt-to-equity ratio of 3.25 and a valuation near 60 times earnings, leaving the stock sensitive to acquisition execution and expectations.

Analysts Set New Price Targets

BSP has been the subject of a number of analyst reports. Wall Street Zen upgraded Bending Spoons to a “hold” rating in a research report on Sunday, July 12th. The Goldman Sachs Group began coverage on shares of Bending Spoons in a research report on Monday, July 27th. They set a “buy” rating and a $43.00 price objective on the stock. Sanford C. Bernstein reissued an “outperform” rating and issued a $47.00 target price on shares of Bending Spoons in a research note on Friday, August 14th. UBS Group set a $36.00 target price on shares of Bending Spoons in a research note on Tuesday, September 29th. Finally, Jefferies Financial Group set a $38.00 target price on shares of Bending Spoons and gave the stock a “hold” rating in a report on Sunday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.00.

Bending Spoons Stock Performance

The stock has a market cap of $28.28 billion and a price-to-earnings ratio of 60.35. The company has a fifty day simple moving average of $39.97. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 3.25.

Bending Spoons (NASDAQ:BSP) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.27 by $0.19. The firm had revenue of $704.15 million for the quarter. The business’s revenue for the quarter was up 126.3% on a year-over-year basis. On average, equities analysts anticipate that Bending Spoons S.p.A. will post 1.36 earnings per share for the current fiscal year.

About Bending Spoons

Bending Spoons is a technology company based in Milan, Italy, that develops, operates and acquires digital products. Its portfolio includes consumer and business software applications spanning mobile content creation, productivity, file sharing and other online services.

The company’s products and acquired businesses have included Remini, an artificial-intelligence-powered photo and video enhancement app; Splice, a mobile video-editing application; Evernote, a note-taking and productivity platform; and Meetup, a service that helps people find and build local communities.