CARB = Carbonite reports Q3 revenue $125.6M, the consensus was $131.56M. Steve Munford, Interim CEO and President/Executive Chairman of the board of Carbonite said, “Following expressions of interest from multiple parties, the Carbonite (CARB) board conducted a thorough and comprehensive process, which included contact with a number of strategic and financial parties, to identify the best way to maximize shareholder value. The board strongly believes that a transaction with OpenText (OTEX) delivers compelling, immediate and substantial cash value to shareholders. Carbonite has expanded its solutions to become a leader in cyber resiliency. We have grown through both organic and inorganic opportunities over the years, enhancing our routes to market, diversifying our customer base, and assembling a talented workforce, while adding meaningful scale. Joining with OpenText is an exciting next step for Carbonite.”

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CNST = Rallies over 110% after trial data released last week. Lots of analyst upgrades last week:

  • Jefferies analyst Maury Raycroft reiterated a Buy rating on Constellation Pharmaceuticals and raised his price target on the shares to $40 from $17, saying that Constellation’s Phase 2 ‘0610 myelofibrosis data showed activity in 2L and 1L, which were “better than expected.” At the annual ASH meeting, the company will have more 2L and 1L data, the analyst noted. Raycroft added that, provided data at ASH continue to be in-line with the abstract cut, Constellation should have a “productive” conversation with regulators on pivotal paths and next steps.
  • Jefferies analyst Maury Raycroft reiterated a Buy rating on Constellation Pharmaceuticals and raised his price target on the shares to $40 from $17, saying that Constellation’s Phase 2 ‘0610 myelofibrosis data showed activity in 2L and 1L, which were “better than expected.” At the annual ASH meeting, the company will have more 2L and 1L data, the analyst noted. Raycroft added that, provided data at ASH continue to be in-line with the abstract cut, Constellation should have a “productive” conversation with regulators on pivotal paths and next steps.
  • RBC Capital analyst Brian Abrahams raised his price target on Constellation Pharmaceuticals to $42 and kept his Outperform rating after its ASH abstract release “demonstrating promising results in the first-line and Jakafi-refractory myelofibrosis populations.” The analyst notes that the setup remains positive going into the conference, where the updated data will “further support” the potential for broader role of CPI-0610 in myelofibrosis.
  • H.C. Wainwright analyst Andrew Fein raised his price target on shares of Constellation Pharmaceuticals to $50 from $18 following the release of the company’s ASH abstracts, stating that “the data is as good as it gets at this stage” and provide “strong support” to his bullish view on CPI-0610’s potential in myelofibrosis. The analyst, who has increased his view on the odds of success for Constellation’s MF program to 45% from 15% to 45%, keeps a Buy rating on the shares.
  • Oppenheimer analyst Silvan Tuerkcan raised his price target for Constellation Pharmaceuticals to $40 from $18 and keeps an Outperform rating on the shares. The stock in afternoon trading is up 97%, or $14.35, to $29.12. The analyst views this morning’s myelofibrosis data as “very compelling” and sees a “large opportunity” for Constellation on this setting.
  • RBC Capital analyst Brian Abrahams says Constellation Pharmaceuticals reported “impressive” new data this morning from an updated cut of CPI-0610 in patients with myelofibrosis. After following up with management, the analyst believes the data further reaffirm CPI-0610’s activity across a variety of lines and settings in myelofibrosis. Abrahams continues to see “substantial opportunity” for the agent and would be buyers of the stock into today’s strength. The “data continue to de-risk its promise,” says the analyst, who keeps an Outperform rating on Constellation Pharmaceuticals. The stock in late morning trading is up 114%, or $16.83, to $31.60.
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TTD = Continues to uptrend after earnings and revenue beat on November 7, 2019. Reports Q3 revenue $164.2M, consensus $163.79M. “We again delivered outstanding performance in the third quarter. Revenue growth of 38% significantly outpaced worldwide programmatic advertising growth. The world’s leading brands and agencies are increasingly using our platform to apply data-driven strategies to drive precision and value across their campaigns,” said Jeff Green, founder and CEO of The Trade Desk. “More data-driven choices by advertisers led to record revenue of $164.2 million and net income of $19.4 million in Q3. Connected TV, audio and mobile led our channel growth. TV advertising is the largest campaign segment for many leading brands, and the digitization of TV is driving advertisers to apply data to TV ad campaigns for the first time. As more broadcasters make their content available via streaming services, we are better positioned than anyone to take advantage of this significant shift.” Trade Desk raises FY19 revenue view to at least $658M from $653M, the consensus was $656.15M.

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QRTEA = Reported third quarter 2019 results.

Operating results:

  • Qurate Retail total revenue decreased 4% to $3.1 billion
  • Revenue decreased 4% in constant currency(2)
  • eCommerce revenue comprised $1.8 billion or 59% of total revenue
  • Qurate Retail reported $(1.85) diluted EPS; $0.42 adjusted diluted EPS(3)
  • QxH revenue decreased 4% to $1.9 billion
  • QVC International revenue increased 2% to $650 million
  • Revenue increased 3% in constant currency
  • Zulily revenue decreased 17% to $359 million
  • Incurred a $1.0 billion non-cash impairment charge related to its tradename and goodwill
  • Cornerstone revenue decreased 2% to $226 million
  • Revenue increased 5% excluding closed Improvements business

Corporate Updates:

  • Repurchased 100k of Liberty Interactive LLC’s 3.50% MSI exchangeable bonds in October for $88 million
  • $251 million principal amount of bonds outstanding pro-forma for repurchase
  • “The third quarter was challenging, with continued sales and Adjusted OIBDA pressure at QxH and Zulily,” said Mike George, President and CEO of Qurate Retail. “However, we were pleased to see Cornerstone’s continuing operations turn to growth and a further acceleration of growth at QVC International. Despite the sales pressures, we generated strong growth in free cash flow. As we look ahead, we are intensely focused on improving our operating results, accelerating synergy capture and better positioning our companies for a changing retail and media world, while sustaining strong cash flow.”
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PLUG = Roth Capital analyst Craig Irwin upgraded Plug Power to Buy from Neutral with a price target of $6, up from $3, citing visibility for the company continuing on impressive growth trajectory, outlook for record revenue and EBITDA in Q4, and material EBITDA profitability in 2020. In a research note to investors, Irwin says he believes the company is passing an inflection point and the upgrade acknowledges the longer-term potential serving the opportunity in lift trucks and adjacent markets.

On November 7, 2019, PLUG reported Q3 revenue of $56.38M versus the consensus $59.17M. Reports Q3 gross billings $61M. Plug Power stated in its quarterly letter: “During the third quarter of 2019, the company deployed over 1,700 GenDrive fuel cell systems to new and recurring customers, including Walmart, Kroger and Sysco. Additionally, Plug Power secured Fiat Chrysler Automobiles as a new GenKey customer. During Q3 2019, 68% of our total gross billings was associated with Plug Power’s subscription program. This program entails our end customer paying us a fee on a monthly basis to access Plug Power’s fuel system solutions… We remain focused on finding optimal solutions to finance subscription business with key objective of continuously reducing our cost of capital and enhancing cash generation.”

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EVER = Still in uptrend after last week’s earnings report and analyst upgrades. EverQuote management to meet with Needham. Meeting to be held in Chicago on November 12 hosted by Needham. On November 5, 2019, BofA/Merrill analyst Nat Schindler upgraded EverQuote to Buy from Underperform with a $35 price target, up from $16.50, after its “strong” Q3 results. The analyst cites the rapid growth in the company’s consumer traffic, with quote requests accelerating 32bps from Q2 to 81%. Schindler further points to EverQuote’s better than expected revenues in Automotive and Other segments, along with its Variable Marketing Margin coming in 19% above consensus. Oppenheimer analyst Jed Kelly raised his price target for EverQuote to $33 from $19 and maintained an Outperform rating following another “solid” beat-and-raise quarter in Q3. In a research note to investors, Kelly says he is “incrementally encouraged” by EverQuote’s medium-term outlook from higher consumer volumes, strong industry tailwinds and stable auction dynamics. Canaccord analyst Michael Graham raised his price target on EverQuote to $34 from $25 following Q3 results which reflect continued momentum for the fourth straight quarter from auto insurance, acquisition efficiency, and new verticals. The analyst said the ongoing secular shift and execution, will fuel the company’s top-line acceleration. Grahm reiterated his Buy rating on EverQuote shares.

On November 4, 2019, EVER announced financial results for the third quarter ended September 30, 2019.

“We are pleased to report a strong quarter of revenue growth and variable marketing margin expansion, as we continue to scale the business across all verticals while achieving our first quarter of GAAP profitability as a public company,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “The strength of our data-driven marketplace, coupled with strategic investments in driving traffic, improving the customer experience and expanding engagement with our insurance provider network, delivered a strong third quarter. We continue to diversify our business with growth in our home and renters, life, and health insurance verticals, as well as the launch of commercial, to capitalize on the massive market opportunity.

“We remain laser focused on execution which is leading to increasing operating leverage and expanding Adjusted EBITDA. Based on our strong third quarter results and continued positive tailwinds in the secular shift of insurance online, we are increasing our guidance for the full year 2019,” concluded Mr. Birnbaum.

Third Quarter 2019 Financial Highlights:
(All comparisons are relative to the third quarter of 2018):

  • Total revenue of $67.1 million, an increase of 61% driven by strength in consumer quote request volume.
  • Automotive insurance vertical revenue of $57.3 million, an increase of 60%.
  • Revenue from our other insurance verticals, which includes home and renters, life, and health insurance, increased 68% to $9.8 million.
  • Variable Marketing Margin of $20.9 million, an increase of 67%.
  • GAAP net income of $0.2 million, compared to a GAAP net loss of $3.8 million.
  • Adjusted EBITDA of $3.9 million, compared to $(1.0) million.

Q3 Business Highlights:

  • The Company’s distribution growth and traffic optimization initiatives led to an 81% year-over-year increase in quote requests.
  • The Company’s direct business increased to 95% of revenue.
  • EverQuote added 24 new technology integrations, which improve the consumer shopping experience.
  • 93% of revenue in the quarter came from established insurance providers, which are those carriers and agents, who have been on the Company’s platform for at least a year.
  • Fourth Quarter and Increased Full-Year 2019 Guidance:

EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges:

Fourth quarter 2019:

  • Revenue of $67.0 – $69.0 million.
  • Variable Marketing Margin of $19.0 – $20.0 million.
  • Adjusted EBITDA in the range of $2.0 – $3.0 million.

Full year 2019

  • Revenue of $242.0 – $244.0 million, an increase from our previous range of $215.0 – $219.0 million.
  • Variable Marketing Margin of $70.5 – $71.5 million, an increase from our previous range of $62.5 – $64.5 million.
  • Adjusted EBITDA in the range of $6.1 – $7.1 million, an improvement from our previous range of $1.0 – $2.5 million.
finviz dynamic chart for  EVER