ValueClick Surges on Guidance UpdateFriday, June 29, 2012
Shares of ValueClick gained nearly 15 percent Friday after the company announced its second-quarter financial results will come in at the top of expectations.
The Internet advertising company in Westlake Village said revenue will reach the high end of its previously issued guidance range of $155 million to $160 million. Also, earnings before interest, taxes, depreciation and amortization will come in at the upper end of the $46 million to $48 million range.
The company plans to announce final financial results for the second quarter during the week of July 30.
Earlier this week, ValueClick was downgraded to “neutral” from “overweight” by Piper Jaffray analyst Mark Zgutowicz, who said in a note to investors that the company relies too much on its subsidiary Dotomi. But the stock was also upgraded this week from “hold” to “buy” by Benchmark Co.
Shares of ValueClick were trading at $16.20, a gain of $2.10 or 15 percent, midday Friday on the Nasdaq.