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

DoubleVerify Holdings, Inc. (NYSE:DV) was the target of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 7,850,000 shares, a drop of 9.5% from the January 15th total of 8,670,000 shares. Based on an average daily volume of 1,680,000 shares, the short-interest ratio is presently 4.7 days. Currently, 5.5% of the company’s shares are sold short.

Insiders Place Their Bets

In other DoubleVerify news, CFO Nicola T. Allais sold 2,071 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total value of $42,476.21. Following the sale, the chief financial officer now owns 85,882 shares in the company, valued at $1,761,439.82. This trade represents a 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On DoubleVerify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its holdings in shares of DoubleVerify by 168.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,565 shares of the company’s stock worth $30,000 after purchasing an additional 981 shares during the period. True Wealth Design LLC acquired a new position in DoubleVerify in the 3rd quarter worth approximately $29,000. Quadrant Capital Group LLC raised its position in DoubleVerify by 171.6% during the 4th quarter. Quadrant Capital Group LLC now owns 2,034 shares of the company’s stock worth $39,000 after buying an additional 1,285 shares during the last quarter. GAMMA Investing LLC lifted its stake in DoubleVerify by 73.6% during the 4th quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock valued at $39,000 after acquiring an additional 863 shares during the period. Finally, Allianz SE purchased a new stake in shares of DoubleVerify in the 4th quarter valued at $41,000. 97.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DV. Morgan Stanley reduced their price target on shares of DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of DoubleVerify in a report on Wednesday, December 11th. JPMorgan Chase & Co. lowered their target price on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. BMO Capital Markets cut their price target on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wells Fargo & Company started coverage on shares of DoubleVerify in a research note on Monday, October 28th. They issued an “underweight” rating and a $14.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, DoubleVerify presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

DoubleVerify Stock Down 1.7 %

Shares of DoubleVerify stock traded down $0.40 during trading on Monday, reaching $22.61. The company’s stock had a trading volume of 971,764 shares, compared to its average volume of 1,233,496. The company has a 50-day simple moving average of $20.29 and a two-hundred day simple moving average of $19.14. DoubleVerify has a 1-year low of $16.11 and a 1-year high of $43.00. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 61.12, a P/E/G ratio of 2.56 and a beta of 0.99.

DoubleVerify declared that its board has initiated a stock buyback plan on Wednesday, November 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are usually an indication 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.