DoubleVerify (NYSE:DV) Sees Unusually-High Trading Volume – What’s Next?

DoubleVerify Holdings, Inc. (NYSE:DV) shares saw strong trading volume on Monday . 1,972,327 shares changed hands during trading, an increase of 10% from the previous session’s volume of 1,799,777 shares.The stock last traded at $14.85 and had previously closed at $13.90.

Analyst Ratings Changes

A number of brokerages recently issued reports on DV. JPMorgan Chase & Co. cut their price objective on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of DoubleVerify from $21.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Barclays dropped their price target on shares of DoubleVerify from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Friday. Scotiabank assumed coverage on DoubleVerify in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $24.00 price target on the stock. Finally, Truist Financial dropped their price objective on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.37.

DoubleVerify Stock Up 7.2 %

The stock’s 50 day simple moving average is $20.54 and its two-hundred day simple moving average is $19.30. The company has a market cap of $2.52 billion, a PE ratio of 40.27, a P/E/G ratio of 2.63 and a beta of 0.99.

DoubleVerify announced that its board has approved a share repurchase program on Wednesday, November 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Nicola T. Allais sold 2,071 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $20.51, for a total transaction 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. The trade was a 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Trading of DoubleVerify

A number of institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in DoubleVerify by 1.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,553 shares of the company’s stock worth $549,000 after purchasing an additional 526 shares during the period. Federated Hermes Inc. raised its holdings in shares of DoubleVerify by 6.3% during the fourth quarter. Federated Hermes Inc. now owns 9,571 shares of the company’s stock worth $184,000 after acquiring an additional 571 shares during the period. GAMMA Investing LLC lifted its position in shares of DoubleVerify by 73.6% in the fourth quarter. GAMMA Investing LLC now owns 2,036 shares of the company’s stock worth $39,000 after purchasing an additional 863 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of DoubleVerify by 168.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,565 shares of the company’s stock valued at $30,000 after buying an additional 981 shares during the last quarter. Finally, Summit Creek Advisors LLC increased its position in DoubleVerify by 0.3% during the fourth quarter. Summit Creek Advisors LLC now owns 368,578 shares of the company’s stock worth $7,080,000 after buying an additional 1,153 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

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.