Squarespace, Inc. (NYSE:SQSP) Sees Significant Growth in Short Interest

Squarespace, Inc. (NYSE:SQSPGet Rating) was the target of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,050,000 shares, an increase of 16.5% from the June 30th total of 1,760,000 shares. Based on an average daily volume of 702,800 shares, the short-interest ratio is presently 2.9 days. Approximately 6.6% of the company’s shares are sold short.

Squarespace Trading Up 0.4 %

Shares of SQSP stock opened at $23.24 on Friday. The stock has a 50 day moving average of $21.18 and a two-hundred day moving average of $24.18. Squarespace has a 12 month low of $14.43 and a 12 month high of $52.33.

Squarespace (NYSE:SQSPGet Rating) last posted its earnings results on Monday, July 25th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.09 by $0.36. The company had revenue of $212.70 million for the quarter, compared to the consensus estimate of $212.01 million. Squarespace’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business earned ($3.22) EPS. On average, equities analysts anticipate that Squarespace will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays dropped their target price on Squarespace from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 21st. The Goldman Sachs Group assumed coverage on Squarespace in a research report on Monday, May 2nd. They issued a “neutral” rating and a $24.00 target price on the stock. KeyCorp dropped their target price on Squarespace from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 26th. Oppenheimer assumed coverage on Squarespace in a report on Tuesday, July 26th. They set a “market perform” rating on the stock. Finally, Citigroup assumed coverage on Squarespace in a report on Tuesday, April 19th. They issued a “neutral” rating and a $25.00 target price on the stock. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.77.

Insider Activity

In other news, major shareholder Ventures Growth I. Parall Index sold 29,537 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $20.00, for a total transaction of $590,740.00. Following the completion of the sale, the insider now directly owns 551,888 shares of the company’s stock, valued at $11,037,760. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Ventures Growth I. Parall Index sold 29,537 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $20.00, for a total value of $590,740.00. Following the completion of the sale, the insider now directly owns 551,888 shares of the company’s stock, valued at approximately $11,037,760. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ventures Growth I. Parall Index sold 34,696 shares of the stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $20.02, for a total value of $694,613.92. Following the completion of the sale, the insider now directly owns 516,992 shares of the company’s stock, valued at $10,350,179.84. The disclosure for this sale can be found here. Insiders sold a total of 65,333 shares of company stock valued at $1,308,218 over the last three months. Insiders own 45.51% of the company’s stock.

Hedge Funds Weigh In On Squarespace

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors raised its position in Squarespace by 2,128.1% in the 1st quarter. Captrust Financial Advisors now owns 1,270 shares of the company’s stock valued at $33,000 after purchasing an additional 1,213 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Squarespace in the 1st quarter valued at $46,000. Fifth Third Bancorp bought a new position in Squarespace in the 4th quarter valued at $50,000. Parkside Financial Bank & Trust bought a new position in Squarespace in the 1st quarter valued at $58,000. Finally, Compagnie Lombard Odier SCmA raised its position in Squarespace by 100.0% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 2,000 shares of the company’s stock valued at $59,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 37.53% of the company’s stock.

About Squarespace

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Squarespace, Inc operates platform for businesses and independent creators to build online presence, grow their brands, and manage their businesses across the internet. Its suite of integrated products enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, and scheduling, as well as tools for managing a social media presence.

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