Bank of America Upgrades DoubleVerify (NYSE:DV) to Neutral

DoubleVerify (NYSE:DV) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Friday,Briefing.com Automated Import reports.

DV has been the subject of a number of other reports. Canaccord Genuity Group dropped their price objective on DoubleVerify from $30.00 to $26.00 and set a “buy” rating for the company in a report on Friday. Macquarie reiterated an “outperform” rating and issued a $19.00 price target on shares of DoubleVerify in a report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of DoubleVerify in a report on Wednesday, December 11th. Truist Financial lowered their price target on DoubleVerify from $26.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of DoubleVerify in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.53.

DoubleVerify Stock Down 35.8 %

DV stock traded down $7.79 during trading on Friday, hitting $13.94. The company had a trading volume of 7,138,074 shares, compared to its average volume of 1,577,126. DoubleVerify has a 1-year low of $13.82 and a 1-year high of $35.57. The firm has a 50-day moving average price of $20.66 and a 200-day moving average price of $19.32. The firm has a market cap of $2.36 billion, a PE ratio of 37.82, a price-to-earnings-growth ratio of 2.63 and a beta of 0.99.

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

Insider Activity

In other DoubleVerify news, CFO Nicola T. Allais sold 2,071 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $20.51, for a total value of $42,476.21. Following the transaction, the chief financial officer now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On DoubleVerify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new position in shares of DoubleVerify in the fourth quarter worth about $6,422,000. Mackenzie Financial Corp raised its stake in shares of DoubleVerify by 20.1% in the fourth quarter. Mackenzie Financial Corp now owns 5,661,283 shares of the company’s stock worth $108,753,000 after acquiring an additional 948,529 shares during the last quarter. Neo Ivy Capital Management raised its stake in shares of DoubleVerify by 271.0% during the fourth quarter. Neo Ivy Capital Management now owns 174,897 shares of the company’s stock worth $3,359,000 after buying an additional 127,751 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of DoubleVerify by 73.2% during the fourth quarter. Burgundy Asset Management Ltd. now owns 4,906,913 shares of the company’s stock worth $94,262,000 after buying an additional 2,073,279 shares during the last quarter. Finally, Kolinsky Wealth Management LLC acquired a new position in DoubleVerify in the fourth quarter valued at approximately $347,000. 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.