Canaccord Genuity Group Issues Pessimistic Forecast for DoubleVerify (NYSE:DV) Stock Price

DoubleVerify (NYSE:DV) had its price target dropped by stock analysts at Canaccord Genuity Group from $30.00 to $26.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 74.92% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Barclays cut their price objective on DoubleVerify from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Morgan Stanley decreased their price objective on shares of DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. JPMorgan Chase & Co. cut their target price on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada raised their price target on DoubleVerify from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $20.00 price objective (down previously from $24.00) on shares of DoubleVerify in a research report on Friday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.53.

DoubleVerify Stock Performance

Shares of DoubleVerify stock traded down $6.87 on Friday, hitting $14.86. 3,907,986 shares of the company’s stock were exchanged, compared to its average volume of 1,515,478. The stock has a market capitalization of $2.51 billion, a PE ratio of 40.82, a PEG ratio of 2.63 and a beta of 0.99. DoubleVerify has a 1 year low of $14.71 and a 1 year high of $35.57. The company has a 50-day simple moving average of $20.66 and a 200-day simple moving average of $19.32.

DoubleVerify announced that its Board of Directors has approved a share buyback plan on Wednesday, November 6th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Nicola T. Allais sold 2,220 shares of DoubleVerify stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $21.61, for a total transaction of $47,974.20. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On DoubleVerify

Several institutional investors and hedge funds have recently bought and sold shares of the business. Neo Ivy Capital Management bought a new stake in DoubleVerify in the 3rd quarter valued at about $794,000. GSA Capital Partners LLP increased its stake in DoubleVerify by 280.9% in the 3rd quarter. GSA Capital Partners LLP now owns 72,309 shares of the company’s stock worth $1,218,000 after purchasing an additional 53,326 shares in the last quarter. Repertoire Partners LP lifted its stake in DoubleVerify by 1,041.7% during the third quarter. Repertoire Partners LP now owns 685,000 shares of the company’s stock valued at $11,535,000 after buying an additional 625,000 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of DoubleVerify by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,299,192 shares of the company’s stock worth $38,729,000 after buying an additional 10,696 shares during the period. Finally, Geneva Capital Management LLC increased its position in shares of DoubleVerify by 2.8% in the third quarter. Geneva Capital Management LLC now owns 2,554,477 shares of the company’s stock worth $43,017,000 after acquiring an additional 69,780 shares in the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.

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.