DoubleVerify (NYSE:DV) Reaches New 1-Year Low on Analyst Downgrade

DoubleVerify Holdings, Inc. (NYSE:DV)’s share price reached a new 52-week low during trading on Friday after Barclays lowered their price target on the stock from $25.00 to $24.00. Barclays currently has an overweight rating on the stock. DoubleVerify traded as low as $15.12 and last traded at $15.50, with a volume of 1501562 shares traded. The stock had previously closed at $21.73.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their target price on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Macquarie reiterated an “outperform” rating and issued a $19.00 price objective on shares of DoubleVerify in a research note on Thursday, November 7th. Stifel Nicolaus set a $20.00 target price on DoubleVerify in a research note on Friday. The Goldman Sachs Group reissued a “neutral” rating and issued a $20.00 price objective (down from $24.00) on shares of DoubleVerify in a research report on Friday. Finally, Canaccord Genuity Group dropped their target price on shares of DoubleVerify from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.37.

Insiders Place Their Bets

In other DoubleVerify news, CFO Nicola T. Allais sold 2,220 shares of DoubleVerify stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $21.61, for a total value of $47,974.20. Following the completion of the transaction, the chief financial officer now owns 85,882 shares in the company, valued at approximately $1,855,910.02. The trade was a 2.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of DoubleVerify

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its position in DoubleVerify by 168.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,565 shares of the company’s stock worth $30,000 after buying an additional 981 shares in the last quarter. True Wealth Design LLC acquired a new position in shares of DoubleVerify during the third quarter worth approximately $29,000. Quadrant Capital Group LLC lifted its position in shares of DoubleVerify by 171.6% during the fourth quarter. Quadrant Capital Group LLC now owns 2,034 shares of the company’s stock worth $39,000 after purchasing an additional 1,285 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 purchasing an additional 863 shares in the last quarter. Finally, Allianz SE bought a new position in DoubleVerify in the 4th quarter worth approximately $41,000. 97.29% of the stock is currently owned by institutional investors and hedge funds.

DoubleVerify Trading Down 36.0 %

The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 37.57, a P/E/G ratio of 2.63 and a beta of 0.99. The firm has a fifty day simple moving average of $20.66 and a 200-day simple moving average of $19.32.

DoubleVerify declared 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 reacquire up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership 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.