PubMatic (NASDAQ:PUBM) Share Price Crosses Above 50 Day Moving Average – Here’s Why

PubMatic, Inc. (NASDAQ:PUBM) shares crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $17.39 and traded as high as $17.95. PubMatic shares last traded at $17.81, with a volume of 619,229 shares.

Analyst Ratings Changes

Several brokerages have recently weighed in on PUBM. Weiss Ratings cut PubMatic from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Citigroup reissued an “outperform” rating on shares of PubMatic in a report on Friday, August 7th. Wall Street Zen downgraded PubMatic from a “buy” rating to a “hold” rating in a research note on Saturday, October 24th. B. Riley Financial upped their price target on shares of PubMatic from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Jefferies Financial Group increased their target price on PubMatic from $10.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, August 11th. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.73.

PubMatic Stock Up 6.1%

The stock has a market capitalization of $811.25 million, a price-to-earnings ratio of -59.36 and a beta of 1.59. The stock has a fifty day moving average of $17.39 and a 200-day moving average of $12.30.

PubMatic (NASDAQ:PUBM) last announced its earnings results on Thursday, August 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.15. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%. The business had revenue of $78.59 million for the quarter, compared to the consensus estimate of $68.95 million. On average, equities analysts forecast that PubMatic, Inc. will post -0.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Andrew Woods sold 10,079 shares of PubMatic stock in a transaction on Monday, October 5th. The shares were sold at an average price of $18.65, for a total transaction of $187,973.35. Following the transaction, the general counsel owned 39,761 shares in the company, valued at approximately $741,542.65. The trade was a 20.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajeev Goel sold 50,021 shares of PubMatic stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $17.26, for a total transaction of $863,362.46. Following the completion of the sale, the chief executive officer directly owned 31,774 shares in the company, valued at approximately $548,419.24. This represents a 61.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 400,149 shares of company stock valued at $7,170,140 in the last 90 days. 27.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PubMatic

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of PubMatic during the 3rd quarter valued at approximately $39,000. State of Wyoming bought a new position in shares of PubMatic during the first quarter valued at approximately $61,000. Sei Investments Co. acquired a new position in shares of PubMatic during the first quarter valued at approximately $129,000. Versant Capital Management Inc lifted its holdings in shares of PubMatic by 30.4% during the second quarter. Versant Capital Management Inc now owns 10,657 shares of the company’s stock valued at $140,000 after purchasing an additional 2,482 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of PubMatic in the first quarter worth $162,000. 64.26% of the stock is owned by hedge funds and other institutional investors.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that provides solutions for the programmatic advertising industry. Its platform helps publishers, app developers and content creators manage and monetize advertising inventory across websites, mobile applications, connected television and other digital channels.

The company operates primarily as a sell-side platform, connecting publishers with advertisers, agencies and demand-side platforms. Its offerings include tools for real-time bidding, yield management, audience targeting, identity solutions, supply-path optimization and header bidding.