PubMatic (NASDAQ:PUBM) Issues Earnings Results

PubMatic (NASDAQ:PUBM) posted its quarterly earnings results on Tuesday. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.05, reports. PubMatic had a return on equity of 6.12% and a net margin of 5.96%. The company had revenue of $71.79 million during the quarter, compared to analysts’ expectations of $66.14 million. PubMatic updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

PubMatic Stock Performance

PUBM stock opened at $15.63 on Friday. The stock has a 50-day simple moving average of $14.90 and a 200-day simple moving average of $18.32. The firm has a market cap of $774.94 million, a P/E ratio of 50.42 and a beta of 1.39. PubMatic has a 1 year low of $13.18 and a 1 year high of $25.36.

Insiders Place Their Bets

In related news, General Counsel Andrew Woods sold 2,710 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $15.30, for a total value of $41,463.00. Following the completion of the transaction, the general counsel now owns 26,739 shares of the company’s stock, valued at approximately $409,106.70. This represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Rajeev K. Goel sold 19,892 shares of PubMatic stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $14.44, for a total value of $287,240.48. Following the sale, the chief executive officer now owns 4,330 shares in the company, valued at $62,525.20. This represents a 82.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,391 shares of company stock worth $1,519,390 in the last 90 days. 2.90% of the stock is owned by company insiders.

Institutional Trading of PubMatic

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC bought a new position in PubMatic during the 2nd quarter valued at $6,582,000. Renaissance Technologies LLC lifted its position in shares of PubMatic by 28.8% during the second quarter. Renaissance Technologies LLC now owns 1,188,700 shares of the company’s stock worth $24,142,000 after purchasing an additional 265,700 shares during the last quarter. Russell Investments Group Ltd. grew its stake in PubMatic by 1,073.9% in the first quarter. Russell Investments Group Ltd. now owns 126,037 shares of the company’s stock worth $2,990,000 after purchasing an additional 115,300 shares in the last quarter. Sei Investments Co. increased its holdings in PubMatic by 190.6% in the second quarter. Sei Investments Co. now owns 70,129 shares of the company’s stock valued at $1,424,000 after buying an additional 45,998 shares during the last quarter. Finally, Dana Investment Advisors Inc. acquired a new stake in PubMatic during the second quarter valued at approximately $839,000. Institutional investors and hedge funds own 64.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PUBM. Macquarie reaffirmed a “neutral” rating and set a $19.00 price target on shares of PubMatic in a research report on Thursday. B. Riley dropped their price objective on PubMatic from $31.00 to $22.00 and set a “buy” rating for the company in a report on Friday, August 9th. Jefferies Financial Group cut their target price on PubMatic from $26.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Royal Bank of Canada lowered their price target on PubMatic from $26.00 to $23.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Finally, Evercore ISI raised their price objective on PubMatic from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, PubMatic currently has an average rating of “Moderate Buy” and an average price target of $21.71.

PubMatic Company Profile

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.