- NASDAQ:BIGC is gaining ground for the third straight session touching new 52-week highs.
- The new e-Commerce relationship with Facebook and Instagram is the catalyst for the stock’s movement.
What a week it has been for investors of one of the newest big names in the booming Software as a Service (Saas) industry. BigCommerce did an about-face on Tuesday when it was announced that it had entered an agreement with Facebook (NASDAQ:FB) and Instagram to provide an e-Commerce platform that will allow Instagram accounts to have full-service checkouts built right into the site. The ensuing reaction catapulted BigC’s stock price up nearly 40% on Tuesday and a further 30% on Wednesday – nearly doubling the price of shares over the span of two days.
The Austin, Texas-based e-Commerce player debuted via an IPO on August 4th of this year and shares were initially available for $24. Patient investors who have waited out the turbulent first few weeks of BigC’s public existence are now being rewarded as shares touched briefly to a new all-time high of $162.50 before settling back down to $141.00 by the end of the trading session on Thursday. It will be interesting to see if the momentum can be carried into the first quarterly earnings call for BigC on September 9th – and how much of an impact the deal with Instagram will provide to its revenues.
BigC Stock News
While BigC has had a tremendous week so far, the stock could accelerate and take off in September after the earnings call. Investors are looking to BigC in hopes of being the next Shopify (NYSE:SHOP) and indeed, the two e-Commerce giants are direct rivals in the industry. As of June 1st, BigC already had over 60,000 online stores across 120 countries – figures that are highly likely to rise after the deal with Facebook and Instagram.
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