Why Is Sprout Social (SPT) Stock Down 32% Today?

InvestorPlace

Helius Medical Technologies

-9.79%

Sprout Social stock is falling on Friday after the social media management company announced earnings results for the first quarter of 2024.

Holding back Sprout Social stock this morning is its revenue of $96.78 million. That didn’t reach Wall Street’s estimate of $97.2 million for the quarter. This is despite it increasing 29% from the $75.21 million reported in the same period of the year prior.

That’s unfortunate as the company’s adjusted EPS came in at 10 cents. That’s well above the flat earnings analysts were expecting. It’s also above the 6 cents per share reported in the first quarter of 2023.

Sprout Social Chief Financial Officer Joe Del Preto said this in the earnings report.

“We underestimated the magnitude of enterprise seasonality that now comes with our business mix, while also self-inducing sales execution headwinds during Q1 that we believe were important to position us for future success. We have factored Q1 underperformance and tightened strategic focus into our reduced 2024 revenue forecast, though we believe we’re now positioned for greater long- term success.”

SPT Stock Guidance 2024

Sprout Social’s outlook for 2024 includes adjusted EPS of 45 cents to 46 cents alongside revenue ranging from $405 million and $406 million. These are mixed next to Wall Street’s estimates of 23 cents per share and revenue of $425.57 million for the year.

SPT stock is down 32.2% as of Friday morning.

There are plenty more stock market stories worth reading about on Friday!

Luckily, we have them all ready to go without coverage of the market today. A few examples include what’s happening with shares of Vaxxinity and Helius Medical Technology stock today as well as the biggest pre-market stock movers this morning. You can dive into that news down below!

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Why Is Vaxxinity (VAXX) Stock Up 39% Today?

InvestorPlace

Vaxxinity

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Helius Medical Technologies

-9.79%

Vaxxinity stock is up on Friday with heavy pre-market trading of the biotechnology company’s shares.

That has more than 21 million shares of VAXX stock changing hands as of this writing. This is well above its daily average trading volume of about 1 million shares.

Investors will also note that VAXX stock was down 9.1% on Thursday. That also came with heavy trading as some 8.9 million shares of the company’s stock were traded during normal hours.

What’s Behind the VAXX Stock Movement?

This recent Vaxxinity volatility comes as the company prepares to delist its shares next week. That will result in its shares no longer trading on the Nasdaq Exchange when markets open on May 9.

It provided the following reasons for the decision in a letter to shareholders.

“Being a public company is very expensive and incredibly time-consuming. Choosing to go public is a path many pursue primarily to obtain access to greater institutional pools of capital.”

After this delisting, shares of VAXX stock will start trading on the OTC Market exchange. The company notes it doesn’t guarantee this listing will remain.

VAXX stock is up 38.6% as of Friday morning.

Investors can find more of the most recent stock market news ready to go below!

We offer all of the latest stock market stories for Friday! Among that is why shares of Helius Medical Technology stock are up, the biggest pre-market stock movers this morning and more. All of that info is good to go at the following links!

More Stock Market News for Friday

Why Is Helius Medical Technology (HSDT) Stock Up 47% Today?
Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
Should You Buy Palantir (PLTR) Stock Before May 6?

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Sprout Social Inc : Btig Cuts To Neutral From Buy

Reuters

Sprout Social

-4.71%

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Stem Reports Downbeat Results, Joins Sprout Social, Cloudflare And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Benzinga

U.S. stock futures were higher this morning, with the Dow futures gaining over 250 points on Friday.

Shares of Stem, Inc. shares fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue guidance.

Stem posted a quarterly loss of 46 cents per share, versus market expectations for a loss of 21 cents per share. The company's quarterly sales came in at $25.47 million missing estimates of $57.11 million, according to data from Benzinga Pro.

Stem shares dipped 18.7% to $1.55 in pre-market trading in pre-market trading.

Here are some big stocks recording losses in today's pre-market trading session.

Sprout Social, Inc. shares declined 25.2% to $36.00 in pre-market trading after the company reported worse-than-expected first-quarter revenue results.
Cloudflare, Inc. fell 14% to $76.50 pre-market trading after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
Trupanion, Inc. shares declined 13% to $20.68 in pre-market trading following first-quarter results.
Adient plc dipped 12.3% to $26.51 in pre-market trading after the company posted second-quarter results and lowered its FY24 outlook.
BigBear.ai Holdings, Inc. shares fell 12.1% to $1.52 in pre-market trading after the company reported worse-than-expected first-quarter financial results.
Expedia Group, Inc. shares declined 10.1% to $121.92 in pre-market trading after the company lowered its full-year guidance.
Open Text Corporation shares fell 9.8% to $32.00 in pre-market trading following third-quarter results. BMO Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $50 to $38.
Fortinet, Inc. fell 8.3% to $59.81 pre-market trading after the company reported its first-quarter financial results.
Custom Truck One Source, Inc. fell 7.5% to $4.5304 in pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue outlook.
Cryoport, Inc. fell 6.7% to $16.00 in pre-market trading. B. Riley Securities analyst Yuan Zhi downgraded CryoPort from Buy to Neutral and lowered the price target from $22 to $19.
Fluor Corporation fell 6.4% to $38.57 in pre-market trading following weak first-quarter earnings.
Coinbase Global, Inc. declined 4.4% to $218.80 in pre-market trading following first-quarter earnings.