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Benzinga
Benzinga
Business
Akanksha Bakshi

Needham Halves Price Target On Shapeways Post Q4 Results

  • Needham analyst James Ricchiuti reduced the price target on Shapeways Holdings Inc (NYSE:SHPW) to $5 (an upside over 100%) from $10 while still keeping the Buy rating on the shares.
  • Ricchiuti thinks Shapeways' Q1 revenue guidance was weaker than expected and reflects a longer closing cycle for the larger enterprise deals that the company is pursuing.
  • Ricchiuti adds that he is assuming a higher op-ex level as the company pursues its go-to-market efforts.
  • Recently Shapeways reported its fourth-quarter sales of $8.30 million, beating the consensus of $7.43 million.
  • Gross margins improved by 250 bps to 46.8%.
  • Net loss was $(2.4) million compared to $(0.2) million for the same period in 2020.
  • Adjusted EBITDA was negative $3.1 million compared to $0.2 million for the same period in 2020
  • As of December 31, 2021, the company had cash and equivalents of $79.7 million.
  • 1Q22 Outlook: Shapeways anticipates revenue of $7.3 million - $7.4 million, below the consensus of $8.79 million.
  • Price Action: SHPW shares are trading lower by 14.3% at $2.45 on the last check Friday.
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