Similarweb (NYSE:SMWB) Stock Price Down 2.3% – Here’s Why

Similarweb Ltd. (NYSE:SMWB)’s stock price traded down 2.3% on Thursday . The company traded as low as $14.15 and last traded at $14.19. 66,890 shares were traded during mid-day trading, a decline of 73% from the average session volume of 244,358 shares. The stock had previously closed at $14.53.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a research note on Tuesday, September 10th. Northland Securities upped their price target on Similarweb from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Similarweb in a research report on Wednesday, December 11th. The Goldman Sachs Group initiated coverage on Similarweb in a report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, William Blair restated an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $13.50.

Similarweb Stock Down 0.2 %

The business has a 50 day moving average price of $11.45 and a two-hundred day moving average price of $9.19. The stock has a market cap of $1.17 billion, a P/E ratio of -131.82 and a beta of 1.03.

Hedge Funds Weigh In On Similarweb

Several hedge funds have recently modified their holdings of the stock. ANTIPODES PARTNERS Ltd lifted its position in shares of Similarweb by 122.5% in the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock worth $90,000 after buying an additional 6,376 shares in the last quarter. Ceera Investments LLC boosted its position in shares of Similarweb by 38.3% during the 2nd quarter. Ceera Investments LLC now owns 259,827 shares of the company’s stock valued at $2,019,000 after acquiring an additional 71,994 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Similarweb by 60.8% in the second quarter. Acadian Asset Management LLC now owns 442,917 shares of the company’s stock valued at $3,427,000 after purchasing an additional 167,500 shares in the last quarter. Renaissance Technologies LLC increased its position in Similarweb by 4.3% in the second quarter. Renaissance Technologies LLC now owns 110,600 shares of the company’s stock worth $859,000 after purchasing an additional 4,599 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in Similarweb by 63.9% during the second quarter. XTX Topco Ltd now owns 49,527 shares of the company’s stock valued at $385,000 after purchasing an additional 19,313 shares in the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

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.