Rover Group Inc Up 23.65% To $8.00 After Earnings Beat

Rover Group Inc (ROVR) surpassed earnings projections on 11/6/2023 for Q3 2023.

Rover Group Inc's earnings came in at an EPS of $0.05 per share, 67.00% higher than estimates for an EPS of $0.03 per share. The firm's earnings are up 163% since reporting losses of $0.08 per share in the same period a year ago.

Revenues were upbeat at $66.2 million. That is an increase of 30.16% in revenues from the year-ago report and is 6.38% higher than consensus estimates set at $62.2 million.

The stock is up 23.65% to $8.00 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Rover Group Inc a Bullish Sentiment Rank from InvestorsObserver.

Rover Group Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 97, putting Rover Group Inc in the top 25% of stocks. The firm was recently trading at a 52-week high of $7.12 on October 17, 2023 and set a 52-week low on December 28, 2022 at $3.38.

Rover Group Inc is an online marketplace for pet care based on gross booking value or GBV. The company connects pet parents with loving pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. The user-based platform extends across the U.S., Canada, the U.K., Spain, France, Norway, Sweden, Netherlands, Italy and Germany. For pet care providers, the company built tools to easily create a listing in the marketplace along with simple tools for scheduling and booking care, communicating with pet parents, and receiving payment. The company generates revenue from facilitating the connection between pet care providers and pet parents.