Thoughtworks Analysts Cut Their Forecasts After Weak Q2 Results

Thoughtworks Holding, Inc. TWKS reported worse-than-expected second-quarter financial results and issued third-quarter guidance below estimates.

Thoughtworks posted adjusted earnings of 3 cents per share, missing market estimates of 4 cents per share. The company’s sales came in at $287.21 million, versus expectations of $301.50 million.

Thoughtworks said it sees third-quarter revenue of $275 million to $285 million, versus estimates of $326.93 million. The company expects adjusted earnings of 2 cents to 3 cents per share, versus expectations of 12 cents per share.

Thoughtworks shares dipped 25.8% to close at $5.21 on Tuesday and lost 0.2% in today’s pre-market trading session.

These analysts made changes to their price targets on Thoughtworks following earnings announcement.

• RBC Capital cut the price target on Thoughtworks from $10 to $6. RBC Capital analyst Daniel Perlin downgraded the stock from Outperform to Sector Perform.
• Citigroup slashed the price target on Thoughtworks from $7 to $5. Citigroup analyst Ashwin Shirvaikar maintained a Neutral rating.
• Piper Sandler analyst Arvind Ramnani, on Tuesday, lowered the price target on the stock from $7 to $6.

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