Squarespace drops as General Atlantic's stock sale prices

Squarespace

16/11/2023 13:54

** Squarespace's  SQSP.N  stock down 4.8% at $28.99
premarket after website services provider's overnight secondary
offering prices
    ** Co late Weds announced 6 mln shares sold by PE firm
General Atlantic with JP Morgan as bookrunner
    ** Market sources say offering priced at $29.70, which
represents 2.4% discount to stock's last sale of $30.44
    ** SQSP has ~135.97 mln shares outstanding, per LSEG data
    ** On Nov 7, co posted Q3 rev beat and forecasted 2023 rev
of $1.002-$1.006 bln, above consensus est. of $994 mln
    ** Through Weds close, shares up 37% YTD
    ** Avg rating among 18 analysts is "buy" and median PT is
$36 - LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))