Why EverCommerce (EVCM) Shares Are Plunging Today - EverCommerce (NASDAQ:EVCM)

EverCommerce Inc EVCM reported third-quarter FY22 sales growth of 23% year-on-year, to $158.10 million, missing the consensus of $160.19 million.
The operating expenses for Q3 rose 24.7% to $165.4 million.
The operating loss for the quarter expanded to $(7.2) million.
The company held $95.2 million in cash and equivalents as of September 30, 2022.
Adjusted EBITDA for the quarter rose 3.8% to $30.2 million.
EPS loss of $(0.08) missed the analyst consensus of $0.09.
The company’s board has increased share repurchase authorization by $50 million to $100 million and extended the program through December 31, 2023.
Outlook: EverCommerce sees Q4 revenue of $157 million - $159 million versus an estimate of $167.05 million.
The company reduced its FY22 revenue outlook from $626 million - $630 million to $616 million - $618 million against the Street view of $628.03 million.
Ratings: Barclays analyst Ryan Macwilliams lowered the company’s price target from $17 to $9.
RBC Capital analyst Matthew Hedberg lowered the price target from $13 to $12.
Price Action: EVCM shares are trading lower by 18.73% at $6.74 on the last check Friday.

EverCommerce Plunges On Q3 Miss, FY22 Outlook Cut