DoubleVerify Holdings, Inc. (NYSE:DV) Short Interest Update

DoubleVerify Holdings, Inc. (NYSE:DV) was the recipient of a significant decline in short interest in 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 currently 4.1 days. Approximately 6.7% of the company’s stock are sold short.

Analyst Ratings Changes

A number of brokerages recently issued reports on DV. Stifel Nicolaus dropped their target price on DoubleVerify from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Barclays cut their price objective on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Truist Financial decreased their target price on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Royal Bank of Canada cut their price target on shares of DoubleVerify from $27.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, Piper Sandler lowered their target price on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.47.

DoubleVerify Stock Up 0.2 %

Shares of NYSE DV traded up $0.04 during mid-day trading on Tuesday, reaching $19.25. 1,262,703 shares of the company were exchanged, compared to its average volume of 2,376,842. The stock has a market capitalization of $3.26 billion, a P/E ratio of 51.92, a P/E/G ratio of 3.03 and a beta of 0.90. DoubleVerify has a twelve month low of $16.11 and a twelve month high of $43.00. The company’s 50-day simple moving average is $17.65 and its 200-day simple moving average is $18.93.

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

Insider Activity

In related news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $20.30, for a total value of $35,809.20. Following the completion of the transaction, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at approximately $1,656,439.40. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 8,820 shares of company stock worth $155,444 over the last quarter. 3.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of DoubleVerify by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,727,359 shares of the company’s stock valued at $552,974,000 after acquiring an additional 216,370 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of DoubleVerify by 9.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,123,545 shares of the company’s stock valued at $69,440,000 after buying an additional 360,445 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in shares of DoubleVerify by 25.9% in the second quarter. Van Berkom & Associates Inc. now owns 3,046,200 shares of the company’s stock valued at $59,310,000 after buying an additional 626,586 shares during the period. Burgundy Asset Management Ltd. bought a new stake in shares of DoubleVerify in the second quarter valued at approximately $54,099,000. Finally, Mackenzie Financial Corp acquired a new stake in DoubleVerify during the second quarter worth approximately $53,015,000. 97.29% of the stock is owned by institutional investors and hedge funds.

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.