We recently published 10 Stocks with Eye-Popping Gains; 5 Jump to New Highs. LegalZoom.com, Inc. (NASDAQ:LZ) is one of the best-performing stocks on Friday.
LegalZoom soared to a new all-time high on Friday, as investors cheered its higher growth outlook for the full-year period, alongside an analyst’s turning bullish for the company.
At intra-day trading, LegalZoom.com, Inc. (NASDAQ:LZ) hit a new record high of $11.93 before paring gains to end the day just up by 31.18 percent at $10.98 apiece.
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This followed a year-on-year revenue growth forecast of 8 percent, versus the 5 percent as expected previously, on expectations of a double-digit subscription revenue growth in the second half. Adjusted EBITDA growth was maintained at around 23 percent.
For the third quarter, LegalZoom.com, Inc. (NASDAQ:LZ) said it targets to hit between $182 million and $184 million in revenues, with adjusted EBITDA of $44 million to $46 million.
In the second quarter of the year, LegalZoom.com, Inc. (NASDAQ:LZ) grew its non-GAAP net income by 50 percent to $28 million from $18.8 million in the same period last year. However, it swung to a net loss of $266 million from a $1.3 billion net income on a GAAP basis.
Revenues grew by 9 percent to $193 million from $177 million in the same comparable period.
Following the results, Bank of America turned bullish on the company, now assigning a “buy” recommendation versus an “underperform” rating previously, while raising its price target to $12 from $8 previously.
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