DoubleVerify (NYSE:DV) Hits New 52-Week Low on Analyst Downgrade

DoubleVerify Holdings, Inc. (NYSE:DV - Get Free Report) shares hit a new 52-week low on Friday after Loop Capital downgraded the stock from a buy rating to a hold rating. Loop Capital now has a $16.00 price target on the stock, down from their previous price target of $24.00. DoubleVerify traded as low as $15.12 and last traded at $15.50, with a volume of 1501562 shares. The stock had previously closed at $21.73.

A number of other equities research analysts have also recently commented on the stock. Bank of America upgraded shares of DoubleVerify from an "underperform" rating to a "neutral" rating in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of DoubleVerify from $21.00 to $19.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Barclays cut their price target on shares of DoubleVerify from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Friday. Macquarie reiterated an "outperform" rating and set a $19.00 price target on shares of DoubleVerify in a report on Thursday, November 7th. Finally, Truist Financial cut their price target on shares of DoubleVerify from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Insiders Place Their Bets

In other news, CFO Nicola T. Allais sold 2,220 shares of the firm's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $21.61, for a total transaction of $47,974.20. Following the sale, the chief financial officer now directly owns 85,882 shares in the company, valued at $1,855,910.02. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.00% of the company's stock.

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Institutional Trading of DoubleVerify

Institutional investors and hedge funds have recently modified their holdings of the company. Neo Ivy Capital Management bought a new stake in shares of DoubleVerify during the 3rd quarter valued at $794,000. GSA Capital Partners LLP raised its position in shares of DoubleVerify by 280.9% during the 3rd quarter. GSA Capital Partners LLP now owns 72,309 shares of the company's stock valued at $1,218,000 after purchasing an additional 53,326 shares during the period. Repertoire Partners LP raised its position in shares of DoubleVerify by 1,041.7% during the 3rd quarter. Repertoire Partners LP now owns 685,000 shares of the company's stock valued at $11,535,000 after purchasing an additional 625,000 shares during the period. Geode Capital Management LLC raised its position in shares of DoubleVerify by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,299,192 shares of the company's stock valued at $38,729,000 after purchasing an additional 10,696 shares during the period. Finally, Geneva Capital Management LLC raised its position in shares of DoubleVerify by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 2,554,477 shares of the company's stock valued at $43,017,000 after purchasing an additional 69,780 shares during the period. 97.29% of the stock is currently owned by institutional investors.

DoubleVerify Stock Performance

The stock has a market capitalization of $2.41 billion, a P/E ratio of 38.50, a P/E/G ratio of 2.63 and a beta of 0.99. The company's 50-day moving average price is $20.34 and its 200 day moving average price is $19.24.

DoubleVerify declared that its board has authorized a stock buyback plan on Wednesday, November 6th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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.