DoubleVerify Holdings, Inc. (NYSE:DV) Short Interest Down 9.9% in October

DoubleVerify Holdings, Inc. (NYSE:DV) was the target 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 short-interest ratio is presently 4.1 days. Approximately 6.7% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CFO Nicola T. Allais sold 1,764 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $16.92, for a total transaction of $29,846.88. Following the transaction, the chief financial officer now directly owns 81,598 shares in the company, valued at $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 at this link. Over the last quarter, insiders sold 8,820 shares of company stock worth $155,444. Insiders own 3.00% of the company’s stock.

Institutional Trading of DoubleVerify

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in DoubleVerify by 1.4% in the 1st 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 during the period. Russell Investments Group Ltd. raised its holdings in DoubleVerify by 22.0% during the 1st quarter. Russell Investments Group Ltd. now owns 183,243 shares of the company’s stock worth $6,443,000 after purchasing an additional 33,003 shares during the last quarter. NWI Management LP acquired a new position in shares of DoubleVerify during the 1st quarter worth about $1,758,000. UniSuper Management Pty Ltd bought a new position in shares of DoubleVerify during the 1st quarter valued at about $937,000. Finally, Mackenzie Financial Corp acquired a new position in DoubleVerify during the 2nd quarter worth approximately $53,015,000. Institutional investors and hedge funds own 97.29% of the company’s stock.

DoubleVerify Stock Up 0.4 %

Shares of DV traded up $0.07 during mid-day trading on Tuesday, hitting $19.28. The stock had a trading volume of 1,448,424 shares, compared to its average volume of 2,377,671. The company has a market cap of $3.26 billion, a PE ratio of 51.92, a PEG ratio of 3.03 and a beta of 0.90. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00. The company’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 initiated a share buyback program on Wednesday, November 6th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DV. The Goldman Sachs Group cut their price target on shares of DoubleVerify from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price objective on shares of DoubleVerify in a research report on Tuesday, September 17th. Morgan Stanley reduced their price objective on shares of 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 cut their price objective on DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, JMP Securities reduced their target price on DoubleVerify from $33.00 to $25.00 and set a “market outperform” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, DoubleVerify currently has an average rating of “Moderate Buy” and a consensus 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.