Why Are BigCommerce Shares Trading Higher Today?

BigCommerce Holdings Inc BIGC reported third-quarter FY21 revenue growth of 49% year-on-year to $59.3 million, beating the consensus of $54.8 million.
The total annual revenue run-rate (ARR) as of September 30 was $253.5 million, up 52% Y/Y.
Subscription revenue was $42.1 million, up 59% Y/Y.
The non-GAAP gross margin expanded 100 bps to 80%.
Non-GAAP net loss per share of $(0.06) beat the consensus loss of $(0.14).
"This rapid growth reflects the success of our Open SaaS platform in serving ever-larger enterprise customers, B2B and headless use cases and new European markets," said CEO Brent Bellm.
The financial results also incorporate the acquisition of Feedonomics.
The company held $410 million in cash and equivalents as of September 30, 2021.
Outlook: BigCommerce sees Q4 revenue of $61.3 million - $61.7 million, above the consensus of $60.89 million.
BigCommerce sees FY21 revenue of $216.2 million - $216.6 million (prior view $210.7 million - $211.7 million), above the consensus of $211.4 million.
Analyst rating: Canaccord analyst David Hynes upgraded to Buy from Hold with an unchanged price target of $70, implying a 52.7% upside.
Price Action: BIGC shares traded higher by 16.7% at $53.5 in the premarket session on the last check Friday.

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