Similarweb (NYSE:SMWB) Shares Gap Down – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $10.39, but opened at $9.52. Similarweb shares last traded at $9.29, with a volume of 357,843 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SMWB shares. Zacks Research upgraded shares of Similarweb from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 14th. Barclays restated an “overweight” rating on shares of Similarweb in a research note on Wednesday, August 13th. Oppenheimer raised their price objective on shares of Similarweb from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, August 18th. Finally, Citigroup reduced their price objective on shares of Similarweb from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Similarweb currently has a consensus rating of “Buy” and an average price target of $14.88.

Similarweb Price Performance

The business’s 50 day moving average price is $8.51 and its 200 day moving average price is $8.21. The stock has a market capitalization of $806.69 million, a P/E ratio of -27.13 and a beta of 1.13.

Hedge Funds Weigh In On Similarweb

A number of institutional investors and hedge funds have recently made changes to their positions in SMWB. Heck Capital Advisors LLC purchased a new position in shares of Similarweb in the fourth quarter worth approximately $115,000. Fullcircle Wealth LLC purchased a new position in shares of Similarweb in the first quarter worth approximately $117,000. MQS Management LLC purchased a new position in shares of Similarweb in the second quarter worth approximately $125,000. Fox Run Management L.L.C. purchased a new position in shares of Similarweb in the second quarter worth approximately $129,000. Finally, ANTIPODES PARTNERS Ltd boosted its holdings in shares of Similarweb by 8.3% in the second quarter. ANTIPODES PARTNERS Ltd now owns 17,510 shares of the company’s stock worth $137,000 after buying an additional 1,344 shares during the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

About Similarweb

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.