DoubleVerify Holdings, Inc. (NYSE:DV) Sees Large Decline in Short Interest

DoubleVerify Holdings, Inc. (NYSE:DV) was the target of a large 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. Approximately 6.7% of the shares of the company are short sold. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is presently 4.1 days.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays cut their price objective on shares of DoubleVerify from $27.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Macquarie reaffirmed an “outperform” rating and issued a $19.00 price target on shares of DoubleVerify in a report on Thursday, November 7th. Morgan Stanley decreased their price objective on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets cut their target price on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $33.00 price target on shares of DoubleVerify in a research note on Tuesday, September 17th. Two equities 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insider Buying and Selling

In related news, CFO Nicola T. Allais sold 1,764 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $16.92, for a total transaction of $29,846.88. Following the transaction, the chief financial officer now owns 81,598 shares of the company’s stock, valued at approximately $1,380,638.16. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 8,820 shares of company stock valued at $155,444. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

Several hedge funds have recently added to or reduced their stakes in DV. True Wealth Design LLC bought a new position in DoubleVerify during the 3rd quarter worth approximately $29,000. CWM LLC grew its holdings in shares of DoubleVerify by 212.5% in the 2nd quarter. CWM LLC now owns 2,794 shares of the company’s stock valued at $54,000 after buying an additional 1,900 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of DoubleVerify in the 3rd quarter valued at $49,000. Fifth Third Bancorp raised its stake in DoubleVerify by 72.3% during the 2nd quarter. Fifth Third Bancorp now owns 4,151 shares of the company’s stock worth $81,000 after buying an additional 1,742 shares during the period. Finally, KBC Group NV grew its stake in DoubleVerify by 35.8% in the third quarter. KBC Group NV now owns 5,022 shares of the company’s stock valued at $85,000 after acquiring an additional 1,325 shares during the period. Institutional investors and hedge funds own 97.29% of the company’s stock.

DoubleVerify Stock Performance

DV traded up $0.04 during mid-day trading on Tuesday, reaching $19.25. The stock had a trading volume of 1,262,703 shares, 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 52 week low of $16.11 and a 52 week high of $43.00. The firm’s fifty day simple moving average is $17.65 and its two-hundred day simple moving average is $18.93.

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