NEW YORK (TheStreet) -- E2open (EOPN) shares are down 28.6% to $11.07 on Thursday after the cloud based software solutions provider adjusted its full year revenue guidance while providing preliminary second quarter results.
The company expects full year revenue to be between $83 million and $85.5 million, down from previous guidance of $89 million to $91.5 million, and short of analysts expectations of $89.6 million in revenue.
E2open also expects a second quarter net loss between 13 cents and 12 cents, narrower than the 20 cents to 18 cents they originally forecast. Analysts are expecting a loss of 19 cents per share.
Analysts at Northland Capital and Needham downgraded their rating to "market perform" and "hold" from "outperform" and "buy", respectively.
Analysts at Canaccord Genuity (CCORF) kept their "buy" rating on the stock but lowered its price target to $16 from $22.
E2open will release its second quarter earnings results on October 8.
TheStreet Ratings team rates E2OPEN INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate E2OPEN INC (EOPN) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."