Short Interest in DoubleVerify Holdings, Inc. (NYSE:DV) Decreases By 9.9%

DoubleVerify Holdings, Inc. (NYSE:DV) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 9,460,000 shares, a decline of 9.9% from the October 15th total of 10,500,000 shares. Based on an average daily trading volume, of 2,290,000 shares, the days-to-cover ratio is presently 4.1 days. Approximately 6.7% of the shares of the company are sold short.

DoubleVerify Stock Performance

DV stock traded up $0.07 during trading on Tuesday, reaching $19.28. 1,448,424 shares of the company traded hands, compared to its average volume of 2,377,671. DoubleVerify has a 12 month low of $16.11 and a 12 month high of $43.00. The business has a 50 day simple moving average of $17.65 and a 200 day simple moving average of $18.93. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 51.92, a price-to-earnings-growth ratio of 3.03 and a beta of 0.90.

DoubleVerify announced that its board has approved a stock buyback program on Wednesday, November 6th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Nicola T. Allais sold 1,764 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $17.28, for a total value of $30,481.92. Following the completion of the transaction, the chief financial officer now owns 81,598 shares of the company’s stock, valued at approximately $1,410,013.44. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 8,820 shares of company stock valued at $155,444 over the last 90 days. 3.00% of the stock is currently owned by insiders.

Institutional Trading of DoubleVerify

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in DoubleVerify by 1.4% during the first quarter. Vanguard Group Inc. now owns 15,727,359 shares of the company’s stock worth $552,974,000 after buying an additional 216,370 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of DoubleVerify by 22.0% in the 1st quarter. Russell Investments Group Ltd. now owns 183,243 shares of the company’s stock valued at $6,443,000 after buying an additional 33,003 shares during the period. NWI Management LP acquired a new stake in DoubleVerify during the first quarter worth $1,758,000. UniSuper Management Pty Ltd purchased a new stake in DoubleVerify in the first quarter valued at $937,000. Finally, Mackenzie Financial Corp acquired a new position in shares of DoubleVerify in the 2nd quarter valued at $53,015,000. 97.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DV has been the topic of a number of recent research reports. Piper Sandler cut their target price on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. JMP Securities cut their price target on DoubleVerify from $33.00 to $25.00 and set a “market outperform” rating for the company in a report on Thursday, November 7th. Stifel Nicolaus reduced their target price on DoubleVerify from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Wells Fargo & Company began coverage on DoubleVerify in a research report on Monday, October 28th. They set an “underweight” rating and a $14.00 price target for the company. Finally, Barclays lowered their target price on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.47.

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.