Miva shares gained as much as 20 cents, or 6.8 percent, to $3.16 in trading Wednesday, then settled closer to where they finished the day before. On Tuesday, the shares lost $1.68, or 36.2 percent, to finish trading at $2.96.

Miva said Tuesday that preliminary results lead it to believe it will break even with its earnings before interest, taxes depreciation and amortization, or EBITDA, in its third quarter. Previously, it had forecast EBITDA between $1 million and $1.5 million.

The company also predicted its quarterly sales will miss an earlier estimate of between $38 million and $39 million.

Miva blamed lower-than-expected revenue in some units and higher-than-expected outsourcing costs for the changes.

In a phone interview Wednesday, Morgan Joseph & Co. analyst James Leahy said Tuesday's sell-off was likely overdone. On Tuesday, Leahy, who has a "Buy" rating on the stock, cut his price target to $6 from $7.

"Getting the stock below $3 -- that was a bit extreme," he said, adding that at under $3 Miva shares are a pretty good buying opportunity.

And Miva may have been helped today by saying it will host a conference call Thursday related to Tuesday's news, the analyst said.

"I think that alone helped to stabilize things there, in terms of investor sentiment," he said.

Eric Martinuzzi, an analyst with Craig-Hallum Capital, said in a phone interview Wednesday that he was surprised by the size of Tuesday's decline, but added that "you see this anytime there's a miss and guide down."

Also Wednesday, Miva said its Miva Direct unit is partnering with personal home page company Netvibes to provide its customers with a personalized start page through Netvibes Premium Universe. The move is meant, in part, to aid Miva Direct's toolbar distribution.

Martinuzzi sees the move as potentially positive.

"If that engenders more stickiness amongst people that download the toolbar, it's good for Miva and would be good for future revenue," Martinuzzi said.