Short Interest in Similarweb Ltd. (NYSE:SMWB) Declines By 20.9%

Similarweb Ltd. (NYSE:SMWB) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 620,500 shares, a decline of 20.9% from the February 28th total of 784,100 shares. Based on an average daily volume of 726,100 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.5% of the shares of the stock are sold short.

Similarweb Stock Up 1.3 %

Shares of SMWB traded up $0.11 during mid-day trading on Tuesday, hitting $8.38. 310,765 shares of the company traded hands, compared to its average volume of 373,291. The company has a market capitalization of $692.35 million, a PE ratio of -59.85 and a beta of 1.08. Similarweb has a 1-year low of $5.71 and a 1-year high of $17.64. The business has a 50 day moving average of $11.58 and a 200 day moving average of $11.50.

Similarweb (NYSE:SMWB) last released its earnings results on Tuesday, February 11th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Similarweb had a negative return on equity of 47.62% and a negative net margin of 4.58%. As a group, research analysts expect that Similarweb will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Similarweb

Institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of Similarweb by 32.5% in the third quarter. State Street Corp now owns 187,919 shares of the company’s stock worth $1,661,000 after acquiring an additional 46,102 shares during the period. Y.D. More Investments Ltd boosted its stake in shares of Similarweb by 6.3% in the fourth quarter. Y.D. More Investments Ltd now owns 1,449,634 shares of the company’s stock worth $20,541,000 after acquiring an additional 86,500 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Similarweb by 147.4% during the third quarter. JPMorgan Chase & Co. now owns 171,539 shares of the company’s stock worth $1,516,000 after purchasing an additional 102,192 shares in the last quarter. Jennison Associates LLC acquired a new stake in Similarweb during the 4th quarter worth $26,059,000. Finally, Telemark Asset Management LLC purchased a new stake in shares of Similarweb during the fourth quarter worth $4,251,000. Hedge funds and other institutional investors own 57.59% of the company’s stock.

Analysts Set New Price Targets

SMWB has been the topic of several research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $17.00 target price on shares of Similarweb in a report on Thursday, February 13th. Jefferies Financial Group upped their price objective on Similarweb from $13.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Northland Securities lifted their target price on Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. The Goldman Sachs Group dropped their price objective on shares of Similarweb from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Friday. Finally, Citigroup increased their target price on shares of Similarweb from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $16.13.

Similarweb Company Profile

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.