Limelight Networks Stock Gains After Bullish Rating From Craig-Hallum
Benzinga
Oct. 15, 2021, 02:27 PM
- Craig-Hallum analyst Jeff Van Rhee upgraded Limelight Networks Inc (NASDAQ:LLNW) to Buy from Hold with a price target of $4.00, up from $3.50, implying a 43% upside.
- Van Rhee sees the current valuation and sentiment as reflecting near-peak or peak pessimism and finds recent numbers more credible than is implied in shares, Van Rhee notes.
- Additionally, he believes that the base business has been stabilized and is increasingly convinced in the logic of the move to pivot into the AppOpps space.
- Limelight Networks provides a content delivery network and value-added services that help content owners improve streaming quality, download speeds, and advertising capabilities.
- In July, Limelight Networks reported Q2 revenue of $48.3 million, down 17% year-on-year, below the consensus of $52.1 million. EPS loss of $(0.06) missed consensus loss of $(0.03).
- Limelight Networks sees Q3 revenue of $220 million - $230 million versus the consensus of $221.1 million. It sees Q3 EPS loss of $(0.15) - $(0.05) versus consensus loss of $(0.10)
- Price Action: LLNW shares traded higher by 11.9% at $2.83 on the last check Friday.