Roth MKM lowered the firm’s price target to $16, while keeping a Buy rating on the shares as revenues miss on direct-to-consumer mix shift. Roth notes that the company was again light on revenues with Q3’s $21.3M well below its $25.3M forecast, as its direct-to-consumer segment saw a material shift away from more expensive managed services to self-service. Revenue guidance fell materially, but given AEBITDA matched the firm’s estimate, the AEBITDA guidance cut was muted, Roth adds. The firm views 2024 as a “lost year” but expects 2025 breakouts for both revenues and earnings as DAAP revenues scale.
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