NEW YORK (
Silver Spring Network International
(SSNI) fell 24.72% to $17.69, down $5.81 from its previous close of $23.50, at the close of the trading day on Friday after the company reported preliminary fourth-quarter results that fell short of expectations.
The stock had a volume of 3,626,473, more than eight times its average of 430,795. It hit a high of $18.40 and a low of $17.20 for the day.
The tech company noted that its non-GAAP revenue for the fourth quarter would fall to between $88 million and $89 million, up approximately 5% year-over-year, and GAAP revenue of $95 million to $96 million, up approximately 93% year-over-year. Silver Spring also expects a loss of one cent per share or to break even in terms of non-GAAP earnings and a loss of two cents per share or to break even in terms of GAAP earnings.
Robert W. Baird also downgraded the stock to Neutral from Outperform after the company released the fourth-quarter results. The firm lowered its target price to $17 from $32.
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