Shares of video hosting and services provider Vimeo (NASDAQ:VMEO) surged over 8% at the time of writing after the company reported an impressive Q3 result, further boosted by a show of confidence at Jefferies.
Notably, Vimeo reported Q3 revenues that beat consensus estimates. The company’s revenues came in at $106.3 million, which, although was a 2% drop year-over-year, still exceeded analysts’ expectations of $101.2 million.
Meanwhile, at investment firm Jefferies, analysts maintained their Buy rating on the company following its Q3 report. Indeed, lead analyst Brent Thill said Vimeo shares are attractive and that the company is focusing on improving profitability. However, he noted that the company’s declining bookings business is yet to stabilize. Nevertheless, Thill has a $7 price target on the stock, which implies over 95% upside potential from current levels.
Is Vimeo Stock a good buy?
A look at the past five trading days for INAB stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 8% at the time of writing. As a result, investors are now up 12% during this timeframe.
