- Needham analyst James Ricchiuti reduced the price target on Shapeways Holdings Inc (NYSE:SHPW) to $5 (an upside over 100%) from $10 while still keeping the Buy rating on the shares.
- Ricchiuti thinks Shapeways' Q1 revenue guidance was weaker than expected and reflects a longer closing cycle for the larger enterprise deals that the company is pursuing.
- Ricchiuti adds that he is assuming a higher op-ex level as the company pursues its go-to-market efforts.
- Recently Shapeways reported its fourth-quarter sales of $8.30 million, beating the consensus of $7.43 million.
- Gross margins improved by 250 bps to 46.8%.
- Net loss was $(2.4) million compared to $(0.2) million for the same period in 2020.
- Adjusted EBITDA was negative $3.1 million compared to $0.2 million for the same period in 2020
- As of December 31, 2021, the company had cash and equivalents of $79.7 million.
- 1Q22 Outlook: Shapeways anticipates revenue of $7.3 million - $7.4 million, below the consensus of $8.79 million.
- Price Action: SHPW shares are trading lower by 14.3% at $2.45 on the last check Friday.
