Similarweb (NYSE:SMWB) Shares Gap Down After Earnings Miss

Similarweb Ltd. (NYSE:SMWB) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $16.78, but opened at $10.67. Similarweb shares last traded at $10.98, with a volume of 2,330,619 shares.

The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.10). Similarweb had a negative net margin of 3.92% and a negative return on equity of 44.83%.

Analyst Ratings Changes

Several analysts have commented on the stock. Citigroup boosted their target price on shares of Similarweb from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group increased their target price on shares of Similarweb from $13.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. The Goldman Sachs Group started coverage on Similarweb in a research report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 price target for the company. JMP Securities reissued a “market outperform” rating and set a $17.00 price objective on shares of Similarweb in a report on Wednesday, December 11th. Finally, Northland Securities raised their price objective on Similarweb from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.50.

Institutional Investors Weigh In On Similarweb

Several hedge funds and other institutional investors have recently modified their holdings of the stock. P.A.W. Capital Corp bought a new stake in shares of Similarweb in the third quarter valued at about $3,536,000. State of New Jersey Common Pension Fund D acquired a new position in Similarweb in the 3rd quarter valued at approximately $122,000. Oppenheimer & Co. Inc. lifted its position in shares of Similarweb by 9.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 106,607 shares of the company’s stock worth $942,000 after acquiring an additional 9,555 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Similarweb by 112.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after purchasing an additional 238,428 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Similarweb during the third quarter valued at approximately $75,000. Institutional investors and hedge funds own 57.59% of the company’s stock.

Similarweb Stock Down 29.2 %

The business has a 50-day moving average price of $14.92 and a 200-day moving average price of $11.21. The firm has a market capitalization of $961.32 million, a P/E ratio of -108.00 and a beta of 0.99.

About Similarweb

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.