Samsara stock jumps 20% in wake of upbeat earnings report, forecast
IOT platform provider Samsara (NYSE:IOT) saw its shares jump 20% Friday morning in the wake of an upbeat quarterly earnings report and financial forecast.
Shares of Samsara, which went public in last December, opened at $11.80, hitting a high of $12.62 early before slipping to a low of $11.64. The stock recently changed hands at $11.98 per share at approximately 11:10 a.m. ET.
Late Thursday, Samsara released a Q3 earnings report and full-year 2022 forecast that beat consensus estimates.
"While the macros remain challenging, Samsara delivered a strong beat and raise with upside to both annual recurring revenue and revenue as well as profitability," wrote RBC Capital analysts in a note dated Dec. 2.
"While macros remain uneven, management highlighted the quick time to value and meaningful ROI as key factors in delivering durable results," they added, maintaining their outperform rating on the stock.
Samsara held its IPO on Dec. 16, raising net proceeds $847M after pricing shares at $23 per share. The stock hit a 52-week high of $31.41 on Dec. 27, 2021, but had been trending lower since, reaching a 52-week low of $8.42 on Nov. 9.
Based in San Francisco, Samsara allows businesses with physical operations to connect to Internet of Things data through its cloud-based platform.