SiteMinder has officially responded to a letter from the Australian Securities Exchange (ASX) regarding a significant 21.1 per cent increase in its share price. The surge, which saw shares reach $6.60, occurred after the company announced its financial results on August 27, which it described as “in-line”. SiteMinder provides a cloud platform that helps hotels attract guests, manage bookings, and automate operations. The company aims to bring hotels and travellers closer together.
In its response, issued on Friday, SiteMinder stated it could not definitively pinpoint the exact factors influencing trading in its securities. However, the company noted that several sell-side analyst reports following the release of its FY25 results characterised the performance as both “in-line” and “solid”, further suggesting support for a re-rating in valuation.
The company highlighted the positive sentiment from analysts covering SiteMinder. Specifically, it noted that fifteen out of seventeen sell-side analysts currently rate SiteMinder’s shares as a ‘buy’. Furthermore, the average price target from all covering analysts increased from $6.18 to $7.63 subsequent to the release of the in-line FY25 results.
SiteMinder shares have experienced substantial growth over the past year, climbing nearly 37 per cent. The shares closed at $6.71 on Thursday, prior to the company’s response to the ASX inquiry.
