Shares of BigCommerce (NASDAQ:BIGC) jumped today after the company announced a new deal with Walmart that will allow eligible BigCommerce merchants to sell products directly on Walmart Marketplace.
The tech stock spiked by as much as 11.8% today and closed the trading day up 6.8%.
BigCommerce said that the deal will allow its merchants to quickly start selling their goods on Walmart.com through an expedited application review.
"Partnering with an industry leader like Walmart not only gives our merchants access to one of the world's largest marketplaces, it also opens additional opportunities for them to strategically expand their e-commerce footprint," BigCommerce's chief commercial officer, Russell Klein, said in a press release.
Additionally, investors were likely pleased to see that KeyBanc Capital Markets analyst Josh Beck raised his rating for BigCommerce stock to overweight from sector weight and said the company has "under-appreciated enterprise momentum."
BigCommerce's stock has been volatile since the company went public in August 2020. After a massive share-price run-up following its IPO, the company's share price crashed and hasn't recovered. Even with today's share-price bump, BigCommerce stock is still down 7.1% since its IPO.