DoubleVerify Holdings, Inc. (NYSE:DV) Sees Significant Decrease in Short Interest

DoubleVerify Holdings, Inc. (NYSE:DV) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 7,850,000 shares, a drop of 9.5% from the January 15th total of 8,670,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is presently 4.7 days. Approximately 5.5% of the company’s shares are sold short.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Scotiabank assumed coverage on shares of DoubleVerify in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $24.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of DoubleVerify in a research report on Wednesday, December 11th. Piper Sandler reduced their target price on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of DoubleVerify in a report on Monday, January 27th. Finally, Canaccord Genuity Group reduced their target price on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

DoubleVerify Trading Up 2.2 %

Shares of DV opened at $23.07 on Wednesday. The firm has a market cap of $3.90 billion, a PE ratio of 62.34, a price-to-earnings-growth ratio of 2.56 and a beta of 0.99. The company’s 50 day simple moving average is $20.39 and its 200-day simple moving average is $19.17. DoubleVerify has a 12-month low of $16.11 and a 12-month high of $43.00.

DoubleVerify declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 6th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other DoubleVerify news, CFO Nicola T. Allais sold 2,071 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $20.51, for a total transaction of $42,476.21. Following the completion of the transaction, the chief financial officer now owns 85,882 shares of the company’s stock, valued at $1,761,439.82. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DoubleVerify

Hedge funds have recently modified their holdings of the business. True Wealth Design LLC purchased a new position in DoubleVerify in the 3rd quarter valued at $29,000. Smartleaf Asset Management LLC grew its position in DoubleVerify by 168.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,565 shares of the company’s stock valued at $30,000 after buying an additional 981 shares during the last quarter. GAMMA Investing LLC grew its position in DoubleVerify by 73.6% in the 4th quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock valued at $39,000 after buying an additional 863 shares during the last quarter. Quadrant Capital Group LLC grew its position in DoubleVerify by 171.6% in the 4th quarter. Quadrant Capital Group LLC now owns 2,034 shares of the company’s stock valued at $39,000 after buying an additional 1,285 shares during the last quarter. Finally, Allianz SE purchased a new position in DoubleVerify in the 4th quarter valued at $41,000. 97.29% of the stock is currently owned by hedge funds and other institutional investors.

About DoubleVerify

DoubleVerify Holdings, Inc provides a software platform for digital media measurement, and data analytics in the United States and internationally. The company provides solutions to advertisers that enable advertisers to increase the effectiveness and quality and return on their digital advertising investments.