Similarweb (NYSE:SMWB) Sees Unusually-High Trading Volume – Time to Buy?

Similarweb Ltd. (NYSE:SMWB) saw unusually-strong trading volume on Wednesday . Approximately 123,825 shares traded hands during trading, a decline of 36% from the previous session’s volume of 193,946 shares.The stock last traded at $10.75 and had previously closed at $10.70.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. JMP Securities raised their target price on Similarweb from $14.00 to $16.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 21st. Northland Securities assumed coverage on shares of Similarweb in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Similarweb in a research report on Wednesday, August 7th. Finally, Needham & Company LLC initiated coverage on shares of Similarweb in a research note on Monday, October 21st. They issued a “buy” rating and a $11.00 target price for the company. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $11.71.

Similarweb Trading Up 2.3 %

The stock’s fifty day moving average price is $8.92 and its 200-day moving average price is $8.07.

Institutional Investors Weigh In On Similarweb

A number of hedge funds have recently modified their holdings of SMWB. Scalar Gauge Management LLC increased its stake in Similarweb by 56.8% during the second quarter. Scalar Gauge Management LLC now owns 593,923 shares of the company’s stock worth $4,615,000 after acquiring an additional 215,221 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Similarweb by 112.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock valued at $3,977,000 after acquiring an additional 238,428 shares during the period. Acadian Asset Management LLC boosted its position in shares of Similarweb by 60.8% during the 2nd quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock worth $3,427,000 after purchasing an additional 167,500 shares during the period. P.A.W. Capital Corp purchased a new stake in Similarweb in the third quarter valued at approximately $3,536,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Similarweb in the first quarter valued at $2,820,000. Hedge funds and other institutional investors own 57.59% of the company’s stock.

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.