Bardin Hill Management Partners LP Takes Position in Squarespace, Inc. (NYSE:SQSP)

Bardin Hill Management Partners LP purchased a new position in shares of Squarespace, Inc. (NYSE:SQSP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,885 shares of the company’s stock, valued at approximately $1,478,000. Squarespace comprises about 0.6% of Bardin Hill Management Partners LP’s holdings, making the stock its 18th largest holding.

Other large investors have also bought and sold shares of the company. Water Island Capital LLC bought a new stake in Squarespace in the second quarter valued at about $37,107,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Squarespace in the 2nd quarter valued at approximately $657,000. The Manufacturers Life Insurance Company boosted its stake in Squarespace by 14.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,561 shares of the company’s stock worth $2,160,000 after acquiring an additional 6,114 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Squarespace during the 2nd quarter worth approximately $71,000. Finally, Squarepoint Ops LLC acquired a new position in Squarespace during the second quarter valued at approximately $245,000. 92.30% of the stock is currently owned by institutional investors and hedge funds.

Squarespace Stock Performance

Shares of Squarespace stock opened at $46.41 on Wednesday. The firm has a market cap of $6.43 billion, a PE ratio of -928.20, a P/E/G ratio of 8.30 and a beta of 0.62. The business’s 50 day simple moving average is $45.23 and its 200 day simple moving average is $42.04. Squarespace, Inc. has a 52-week low of $26.70 and a 52-week high of $46.48.

Squarespace (NYSE:SQSP) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.07). The firm had revenue of $296.80 million for the quarter, compared to analyst estimates of $293.12 million. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. As a group, equities research analysts predict that Squarespace, Inc. will post 0.28 EPS for the current year.

Insider Activity at Squarespace

In other news, CEO Anthony Casalena sold 145,182 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $46.33, for a total value of $6,726,282.06. Following the completion of the sale, the chief executive officer now owns 1,349,263 shares of the company’s stock, valued at approximately $62,511,354.79. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Paul Gubbay sold 2,500 shares of Squarespace stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $44.12, for a total transaction of $110,300.00. Following the completion of the transaction, the insider now directly owns 37,486 shares in the company, valued at approximately $1,653,882.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anthony Casalena sold 145,182 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $46.33, for a total value of $6,726,282.06. Following the completion of the sale, the chief executive officer now owns 1,349,263 shares in the company, valued at approximately $62,511,354.79. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 319,689 shares of company stock valued at $14,457,567. 44.96% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Mizuho cut shares of Squarespace from an “outperform” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research report on Monday, August 5th. UBS Group lifted their target price on Squarespace from $44.00 to $46.50 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. Barclays increased their price target on Squarespace from $44.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 10th. Finally, B. Riley cut Squarespace from a “buy” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Tuesday, June 11th. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.14.

Squarespace Company Profile

Squarespace, Inc operates platform for businesses and independent creators to build online presence, grow their brands, and manage their businesses across the internet in the United States and internationally. It enables users to manage their projects and businesses through websites, domains, e-commerce, marketing tools, scheduling, and hospitality services, as well as tools for managing a social media presence.