DoubleVerify (NYSE:DV) Shares Up 4.3% – Time to Buy?

DoubleVerify Holdings, Inc. (NYSE:DV)’s stock price shot up 4.3% during trading on Wednesday . The stock traded as high as $20.17 and last traded at $20.04. 676,437 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 1,237,505 shares. The stock had previously closed at $19.22.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DV shares. BMO Capital Markets decreased their price target on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Morgan Stanley decreased their target price on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group decreased their target price on DoubleVerify from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Truist Financial decreased their target price on DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Wells Fargo & Company began coverage on DoubleVerify in a research note on Monday, October 28th. They issued an “underweight” rating and a $14.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DoubleVerify presently has an average rating of “Moderate Buy” and an average target price of $24.21.

DoubleVerify Trading Down 3.2 %

The business has a 50-day moving average price of $19.81 and a 200 day moving average price of $19.01. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 52.22, a P/E/G ratio of 3.29 and a beta of 0.98.

DoubleVerify announced that its Board of Directors has initiated a stock repurchase 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at DoubleVerify

In other news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $16.41, for a total value of $28,947.24. Following the transaction, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at approximately $1,339,023.18. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 5,599 shares of company stock valued at $107,233 in the last three months. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DoubleVerify

Hedge funds have recently modified their holdings of the stock. True Wealth Design LLC acquired a new position in DoubleVerify during the third quarter worth $29,000. GAMMA Investing LLC lifted its stake in shares of DoubleVerify by 73.6% in the fourth 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 period. Capital Performance Advisors LLP bought a new stake in shares of DoubleVerify in the third quarter valued at about $49,000. KBC Group NV lifted its stake in DoubleVerify by 35.8% during the third quarter. KBC Group NV now owns 5,022 shares of the company’s stock worth $85,000 after purchasing an additional 1,325 shares during the period. Finally, Covestor Ltd lifted its stake in DoubleVerify by 22.8% during the third quarter. Covestor Ltd now owns 6,643 shares of the company’s stock worth $112,000 after purchasing an additional 1,235 shares during the period. 97.29% of the stock is owned by institutional investors and hedge funds.

DoubleVerify Company Profile

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.