Vimeo (NASDAQ:VMEO) Shares Gap Up on Earnings Beat

Vimeo, Inc. (NASDAQ:VMEO)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.82, but opened at $4.39. Vimeo shares last traded at $4.16, with a volume of 1,000,584 shares changing hands.

The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $104.65 million for the quarter, compared to analysts’ expectations of $107.36 million. Vimeo had a net margin of 3.17% and a return on equity of 3.29%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 earnings per share.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price target on shares of Vimeo from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Tuesday.

Hedge Funds Weigh In On Vimeo

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Palogic Value Management L.P. bought a new position in shares of Vimeo during the 2nd quarter worth about $1,010,000. Pinnacle Associates Ltd. boosted its position in shares of Vimeo by 45.0% during the 2nd quarter. Pinnacle Associates Ltd. now owns 811,234 shares of the company’s stock worth $3,277,000 after purchasing an additional 251,820 shares in the last quarter. MQS Management LLC boosted its position in shares of Vimeo by 237.5% during the 2nd quarter. MQS Management LLC now owns 45,514 shares of the company’s stock worth $184,000 after purchasing an additional 32,030 shares in the last quarter. R Squared Ltd bought a new position in shares of Vimeo during the 2nd quarter worth about $92,000. Finally, Connors Investor Services Inc. boosted its position in shares of Vimeo by 68.4% during the 2nd quarter. Connors Investor Services Inc. now owns 33,241 shares of the company’s stock worth $134,000 after purchasing an additional 13,500 shares in the last quarter. Institutional investors own 84.97% of the company’s stock.

Vimeo Trading Up 8.1%

The company has a market cap of $680.38 million, a P/E ratio of 51.63 and a beta of 2.00. The stock’s 50-day moving average price is $4.11 and its 200-day moving average price is $5.00.

Vimeo Company Profile

Vimeo, Inc, together with its subsidiaries, provides video software solutions worldwide. It provides the video tools through a software-as-a-service model, which enables its users to create, collaborate, and communicate with video on a single platform. The company also offers over-the-top OTT streaming and monetization services; AI-driven video creation and editing tools; and interactive and shoppable video tools.