JMP Securities Reaffirms “Market Outperform” Rating for DoubleVerify (NYSE:DV)

JMP Securities reissued their market outperform rating on shares of DoubleVerify (NYSE:DV) in a research note released on Friday,Benzinga reports. They currently have a $25.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. BMO Capital Markets reduced their target price on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Scotiabank assumed coverage on shares of DoubleVerify in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Morgan Stanley reduced their target price on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Piper Sandler lowered their target price on DoubleVerify from $30.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped their price target on DoubleVerify from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.21.

DoubleVerify Stock Performance

NYSE DV opened at $19.32 on Friday. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00. The stock has a market cap of $3.27 billion, a P/E ratio of 52.22, a price-to-earnings-growth ratio of 3.18 and a beta of 0.97. The stock has a 50 day simple moving average of $19.85 and a two-hundred day simple moving average of $19.01.

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

Insiders Place Their Bets

In other news, CFO Nicola T. Allais sold 2,071 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total value of $42,476.21. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 5,599 shares of company stock valued at $107,233. 3.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Neo Ivy Capital Management purchased a new position in shares of DoubleVerify in the third quarter worth $794,000. Mackenzie Financial Corp purchased a new position in shares of DoubleVerify in the second quarter worth $53,015,000. GSA Capital Partners LLP raised its stake in shares of DoubleVerify by 280.9% in the third quarter. GSA Capital Partners LLP now owns 72,309 shares of the company’s stock worth $1,218,000 after purchasing an additional 53,326 shares during the last quarter. Repertoire Partners LP raised its stake in shares of DoubleVerify by 1,041.7% in the third quarter. Repertoire Partners LP now owns 685,000 shares of the company’s stock worth $11,535,000 after purchasing an additional 625,000 shares during the last quarter. Finally, Townsend Asset Management Corp NC ADV increased its position in DoubleVerify by 259.8% during the third quarter. Townsend Asset Management Corp NC ADV now owns 109,610 shares of the company’s stock valued at $1,846,000 after acquiring an additional 79,145 shares during the last quarter. Hedge funds and other institutional investors own 97.29% of the company’s stock.

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.