A week after the WSJ reported E2open (NASDAQ:EOPN) is looking for a buyer, the cloud business process software vendor is once more shooting higher. Volume has been moderate - 306K shares vs. a 3-month daily average of 624K.
Shares are now up 29% from a Jan. 9 low of $5.21. But they're still 77% below a 52-week high of $29.82.
The report comes a week after shares cratered due to the weak FQ4 guidance provided with mixed FQ3 results, and a couple days after activist Altai Capital disclosed a 9.5% stake through a 13D.
This morning, E2open announced the adoption of a one-year poison pill that "imposes a significant penalty upon any person or group that acquires 10% (or 20% in the case of institutional investors who report their holdings on Schedule 13G, as described in the Rights Plan) or more of E2open's common stock without the approval of the Board of Directors."
Though it beat FQ3 EPS estimates and only slightly missed on revenue, E2open (NASDAQ:EOPN) has guided for FQ4 revenue of $19.3M-$19.8M and EPS of -$0.20 to -$0.22, below a consensus of $22.7M and -$0.16.
Much like many enterprise tech companies before it, E2open blames "recent sales execution challenges." The cloud business process software vendor says it has "taken steps to correct these issues."
Subscription/support revenue rose 15% Y/Y in FQ3 to $16.9M, while professional services revenue fell 8% to $3.9M.