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Angie’s List (ANGI) Plummets 16 Percent After Slashing Membership Costs

  +Follow October 3, 2013 12:23PM
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In a bid to attract customers to their contractor-review site, on Oct. 3 Angie’s List Inc. (ANGI) unexpectedly cut membership costs in 75 percent of markets, lowering the cost of an annual membership from $40 to $10. The price slash comes mere days after CTO Manu Thapar abruptly left, shaking investor confidence in the tech company.

Analysts, however, remain bullish on the Indianapolis-based site. 13 out of 20 analysts polled by Thompson Reuters give the stock a rating of "buy," and the consensus price target remains 40 percent higher than the current price.

Investors feel much differently. 37.91 percent of the float on the stock is being sold short, the highest rate of any stock currently being traded on the US markets.

Even before the membership price slash and Thapar’s departure, Angie's List bears had questioned the sustainability of a site that is increasingly losing market share to the wildly popular Yelp Inc. (YELP) . On In their Sept. 10 article “Ain’t it Time to Say Goodbye to Angie’s List” Forbes writer David Trainer pointed out that the company has never made a profit, and is doomed by “its complete lack of profitability and shaky business model.”

CEO William Oestrele has waved off fears that the company is slipping, claiming the new membership model is merely a test as executives continue "trying to understand the impact on member acquisition and retention." Investors, however, are clearly worried that it the move is less likely experimentation and more likely necessity prompted by slipping membership rates.

Despite analyst bullishness that puts a consensus price target of $29 a share on Angie’s List, for now the market is definitely skittish on the stock. The stock plummeted 16.25 percent to hit $17.58 a share.

 

(image courtesy fo Flickr)

Results for ANGI
Maxton Gelson
20 Apr 14 08:29:59
$ANGI Angie's List, Inc. Announces http://t.co/5G3F7Si9x4
Gary Rosovsky
19 Apr 14 11:01:36
$ANGI Angie's List, Inc. Announces Fir http://t.co/r6X8wdFUyd
Jayna Champagne
19 Apr 14 04:05:19
$ANGI Angie's List, Inc. Announces Fir http://t.co/ewy2uTymdu
Vincent
18 Apr 14 13:11:51
RT @1nvestor: for the Short Squeeze lover in you, hunt here: http://t.co/2FvogXK6aq $ANGI $CLF $CONN $LULU $OUTR
Tim Ikels
18 Apr 14 08:50:03
RT @1nvestor: for the Short Squeeze lover in you, hunt here: http://t.co/2FvogXK6aq $ANGI $CLF $CONN $LULU $OUTR
Derald Muniz
18 Apr 14 07:39:59
for the Short Squeeze lover in you, hunt here: http://t.co/2FvogXK6aq $ANGI $CLF $CONN $LULU $OUTR
Pike Gall
18 Apr 14 01:20:52
$ANGI Angie's List, Inc. Announces Fir http://t.co/Wf1HH6SCKE
Thor Edeson
17 Apr 14 17:38:14
$ANGI Angie's List, Inc. Announces Fir http://t.co/YgibVNSsqT
Kevin Havas
17 Apr 14 13:17:00
RT @Estimize: Why Zuckerberg Wants to Dismantle Facebook and What Angie’s List Can Learn From Him $FB $ANGI $YELP http://t.co/g03qpjOTVe
Craig Mary
17 Apr 14 12:10:48
RT @SeekingAlpha: Why Zuckerberg Wants To Dismantle Facebook And What Angie's List Can Learn From Him http://t.co/I3BLOt3nDz $ANGI $FB
Seeking Alpha
17 Apr 14 11:28:18
Why Zuckerberg Wants To Dismantle Facebook And What Angie's List Can Learn From Him http://t.co/I3BLOt3nDz $ANGI $FB
Gold Stock News
17 Apr 14 07:47:55
$ANGI Angie's List, Inc. Announces Fir http://t.co/lrbSn8mnQO
Ward Dissan
17 Apr 14 06:48:56
$ANGI Angie's List, Inc. Announces http://t.co/YVggXnduZw
Leigh Drogen
17 Apr 14 06:43:10
RT @Estimize: Why Zuckerberg Wants to Dismantle Facebook and What Angie’s List Can Learn From Him $FB $ANGI $YELP http://t.co/c5fiQ2haDe”
Estimize
17 Apr 14 06:42:07
Why Zuckerberg Wants to Dismantle Facebook and What Angie’s List Can Learn From Him $FB $ANGI $YELP http://t.co/g03qpjOTVe
NoanetTrader
17 Apr 14 04:03:49
Today's Top Picks: $STX $SGMO $ANGI more... http://t.co/sw3Lfm0iCu
Kamren Martinez
17 Apr 14 03:06:47
$ANGI Angie's List, Inc. Announces Fir http://t.co/X2i2Bx9S1H
Alfredo Gilham
17 Apr 14 01:16:06
$ANGI Baker Electric Solar Hosts San Marcos Homeowner Solar Open House http://t.co/Lq8awr4EVR
Fin_Vestor
16 Apr 14 11:07:04
$ANGI INSIDE INDIANA BUSINESS: City unveils new cultural district http://t.co/GUq1PuOSUB
Fin_Vestor
15 Apr 14 23:00:36
$ANGI The Fragile Net Beneath Yelp's Stock Price http://t.co/ELju2JTcNR
Brecken Kingston
15 Apr 14 15:56:15
$ANGI Angie's List, Inc. Announces Fir http://t.co/Oth7dLwit5
Ignacio Johnson
15 Apr 14 11:48:44
$ANGI Angie's List, Inc. Announces Fir http://t.co/WE1fPWBI0U
Sky Grady
15 Apr 14 11:09:08
$ANGI Angie's List, Inc. Announces Fir http://t.co/RAtVBAHjPs
Ticker Report
15 Apr 14 05:27:28
Angie's List CEO Sells $155,392 in Stock $ANGI http://t.co/myVSpWfVQz
Don Fishback
15 Apr 14 04:46:25
Academic Algorithms:(Volatility HV-IV Difference) $NSR, $SODA, $GRPN, $TWTR, $ANGI http://t.co/TFT5OjzQ7O
OptionApps
15 Apr 14 04:46:24
Academic Algorithms:(Volatility HV-IV Difference) $NSR, $SODA, $GRPN, $TWTR, $ANGI http://t.co/zgkBiabnC3
Octavio Van
15 Apr 14 04:24:34
$ANGI Angie's List, Inc. Announces http://t.co/RR5Av8U3iZ
TheStreet
14 Apr 14 18:08:06
.@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/qTvHIEBwKA $ANGI
US Banking News
14 Apr 14 16:49:40
Angie's List CEO William Seelye Oesterle Unloads 12,800 Shares $ANGI http://t.co/pM1mPcTN5x
Jamal Crawford
14 Apr 14 13:38:59
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
Steve Austin
14 Apr 14 13:38:12
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
Registered
14 Apr 14 13:24:32
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
TheStreet
14 Apr 14 13:10:01
.@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/E0nJCmS4h7 $ANGI
jaxbeachbuzz
14 Apr 14 12:25:43
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
Go Duval
14 Apr 14 12:13:37
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
Rajan Soni
14 Apr 14 12:13:23
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
Palatka, Florida
14 Apr 14 12:11:04
RT @TheStreet: .@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/…
TheStreet
14 Apr 14 12:09:00
.@RegisteredApp, an #app for professional #referrals that puts Angie's List to shame, via @BeOneSpark festival: http://t.co/ApWuS11qpl $ANGI
Enoch Cohen
14 Apr 14 09:23:24
$ANGI An App to Tap at Florida Fai http://t.co/x8O0LLahAY
George Salib
14 Apr 14 09:14:16
$ANGI strong support level at $12 dating back to November. Natural target would be at least a buck to $13.
Alpha7Trading
14 Apr 14 08:55:15
Good info! RT @crosshairtrader: $ANGI has found buyers here in the past. Short float 36%. Earnings 4/23. http://t.co/2Hr14WKSeX
David Blair
14 Apr 14 08:37:33
$ANGI has found buyers here in the past. Short float 36%. Earnings 4/23. http://t.co/pyqVjxXLSM
Mike Lansing
14 Apr 14 07:38:42
$ANGI An App to Tap at Florida Fai http://t.co/Zn56PCL0an
Informer
14 Apr 14 07:20:05
$ANGI Trending Stocks - Angie's List Inc (NASDAQ:ANGI), Walter Energy, Inc. (NYSE ... http://t.co/P5sJIBcjEg
Stock Occulus
14 Apr 14 07:19:36
$ANGI An App to Tap at Florida Fai http://t.co/GOHq42zt1q
Laird McQuillen
14 Apr 14 07:11:07
$ANGI An App to Tap at Florida Fai http://t.co/9BBsBwljZV
Fin_Vestor
14 Apr 14 06:36:07
$ANGI Hot Stock's Alert- Inven Sense Inc (NYSE:INVN), Globalstar, Inc. (OTCMKTS ... http://t.co/5MUls3YS5k
Tory Hollenberg
14 Apr 14 04:55:05
$ANGI: An App to Tap at Florida Fair http://t.co/9mxFglrEiM
Informer
14 Apr 14 04:36:33
$ANGI An App to Tap at Florida Fair http://t.co/vhShoLsoe6
LoveStockNews
14 Apr 14 04:27:30
$ANGI - An App to Tap at Florida Fair -> http://t.co/BhAnJ6YIj3 #stock #stocks #stockaction
				
				
  +Follow October 3, 2013 12:23PM
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