DoubleVerify (NYSE:DV) Reaches New 52-Week Low Following Analyst Downgrade

DoubleVerify Holdings, Inc. (NYSE:DV) shares reached a new 52-week low on Friday after Barclays lowered their price target on the stock from $25.00 to $24.00. Barclays currently has an overweight rating on the stock. DoubleVerify traded as low as $15.12 and last traded at $15.50, with a volume of 1501562 shares traded. The stock had previously closed at $21.73.

Other equities research analysts have also issued reports about the company. Morgan Stanley decreased their target price on DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. JPMorgan Chase & Co. lowered their target price on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Stifel Nicolaus set a $20.00 price objective on DoubleVerify in a research note on Friday. Raymond James initiated coverage on shares of DoubleVerify in a research report on Wednesday, December 18th. They set an “outperform” rating and a $25.00 target price for the company. Finally, JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of DoubleVerify in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.37.

Insider Activity

In related news, CFO Nicola T. Allais sold 2,071 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total transaction of $42,476.21. Following the transaction, the chief financial officer now directly owns 85,882 shares in the company, valued at $1,761,439.82. This trade represents a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC increased its position in shares of DoubleVerify by 168.0% during the fourth 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 period. True Wealth Design LLC purchased a new position in shares of DoubleVerify during the 3rd quarter worth approximately $29,000. Quadrant Capital Group LLC raised its position in shares of DoubleVerify by 171.6% in the 4th quarter. Quadrant Capital Group LLC now owns 2,034 shares of the company’s stock worth $39,000 after acquiring an additional 1,285 shares in the last quarter. GAMMA Investing LLC raised its position in shares of DoubleVerify by 73.6% in the 4th quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock worth $39,000 after acquiring an additional 863 shares in the last quarter. Finally, Allianz SE bought a new stake in shares of DoubleVerify during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 97.29% of the company’s stock.

DoubleVerify Stock Down 36.0 %

The firm has a market cap of $2.35 billion, a P/E ratio of 37.57, a P/E/G ratio of 2.63 and a beta of 0.99. The business has a fifty day simple moving average of $20.54 and a 200-day simple moving average of $19.30.

DoubleVerify announced that its Board of Directors has approved a stock buyback plan on Wednesday, November 6th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.